“On November 8, 2023, Binance announced the launch of its new product, Binance Web3 Wallet. This is a self-custody crypto wallet integrated directly into the Binance mobile app that users use on their mobile phones. So what is Binance Web3 Wallet? Let’s explore Binance Web3 Wallet and how to use it with Tonraffles in the following article!”
Table of Contents
What is Binance Web3 Wallet ?
Binance Web3 Wallet is a self-custody cryptocurrency wallet integrated directly into the Binance app. The wallet allows users to manage their cryptocurrency funds themselves, conduct token swap transactions across multiple chains, earn yields, and interact with various blockchain platforms.
Binance Web3 Wallet uses MPC (Multi-Party Computation) technology to generate 3 independent key-shares and stores them in different locations, including devices and cloud storage. This helps eliminate the traditional method of storing seed phrases in one location, reducing the risk of compromise and loss for users.
Additionally, to emphasize user control and commitment to self-management, the wallet also provides an “Emergency Export” feature, allowing users to export their keys when necessary.
- You want to see more: Binance’s Megadrop: A New Era of Token Launches Featuring Airdrops and Web3 Engagement”
Advantages of Binance Web3 Wallet
- Simplicity: Binance Web3 Wallet allows users to quickly create wallets directly within the Binance app without the need to store seed phrases or private keys.
- Convenience: Integrated with Binance Bridge and other providers, Binance Web3 Wallet enables users to easily swap tokens across multiple chains with better pricing.
- Security: Binance Web3 Wallet uses MPC (Multi-Party Computation) technology to govern all transactions and minimize errors, ensuring that users’ assets are within the SAFU (Secure Asset Fund for Users).
- Self-Management: Binance Web3 Wallet generates 3 independent key-shares, stored separately in locations including cloud and users’ personal devices. To access the wallet, users must provide a minimum of 2 out of 3 key-shares. This mechanism promises users comprehensive control over their wallets.
- 24/7 Customer Service: Binance’s customer support operates 24/7 to provide instant assistance, ensuring users have the most seamless experience.
Guide to creating and using Binance Web3 Wallet:
- Step 1: Create a Binance account
here. - Step 2: Access the Binance app on your phone and select the Web3 Wallet section.
Step 3: Click on “Create Wallet“.
Step 4: After successfully creating the wallet, you can experience some features of Binance Web3 Wallet as follows:
- Home: It has a similar interface to other Web3 wallets, including functions such as send, receive, token transfer (from exchange to wallet), transaction history, and displaying assets in the wallet for different chains.
- Market: This lists tokens sorted into different categories such as Favorites, Featured, Ecosystem, Layer 2, Memes, etc., along with their prices and percentage changes.
- Swap: Users can directly swap tokens within Binance Web3 Wallet without the need for any DEX or CEX exchange. Notably, tokens from different chains can be easily swapped without additional bridging steps.
- Earn: Users can provide liquidity to the Venus Protocol through Binance Web3 Wallet to earn profits.
- Explore: This section helps users access DApps in the market, experience and receive various rewards. Especially, the Explore section of Binance Web3 Wallet is where users can complete tasks of the Megadrop platform to receive airdrops from projects on this platform.
conclusion
the above is all the information about Binance Web3 Wallet. Through this article, Tonraffles hopes that you will grasp how to use Binance Web3 Wallet. Wish you success and earn a lot of profits from the crypto market.
