Binance launches its own crypto wallet, Binance Web3 Wallet. This was announced by the founder of the cryptocurrency exchange, Changpeng Zhao, at a conference in Istanbul.
Web3 wallets are often targeted by criminals. Once a hacker obtains the private key, the funds can be stolen forever.
The new Binance Web3 Wallet is powered by multi-party computing (MPC) technology. The technology divides the private keys into three parts, which are stored on different servers. Two of them are linked to the user’s account and the third is under the control of the exchange.
“Cryptocurrencies are more than just services for storing digital assets: they are an integral part of the Web3 infrastructure and give people the opportunity to manage their finances independently,” explained Changpeng Zhao.
However, other difficulties may arise when using MPC. If the user forgets the recovery code or loses the device, deletes the app, or for other reasons cannot log into the account, they will lose access to their wallet. This was warned by Binance’s head of regional markets, Richard Teng.
You can create such a wallet in the crypto exchange’s mobile app.
At the end of September, Binance announced that it would leave the Russian market and sell its business to CommEX.
Author:
Natalia Gormaleva
Source: RB
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