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Binance launches a self-custody wallet, its first ever

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Binance announced its latest product at the Binance Blockchain Week conference in Istanbul, a Web3 self-custody wallet.

With the ability to interact with the decentralized finance (DeFi) ecosystem,
the Web3 wallet, will work across 30 blockchain networks.

Users can create a wallet through Binance’s mobile app.

Web3 wallets are common targets for hackers and exploiters, as once a private key is obtained by a hacker, all funds can be irreversibly drained.

Binance’s Web3 wallet comes with a multi-party computation (MPC), which removes the need for users to memorize seed phrases without compromising the benefits of security and self-custody.

MPC involves a private key being broken up into three parts called key shares, with two of the three key shares being controlled by the wallet owner.

The MPC will come in handy in stemming hackers and exploiters draining wallets by obtaining private keys.