Binance Unveils Self-Custody Web3 Wallet to Challenge MetaMask and Trust Wallet

Key Insights:

  • Binance’s Web3 Wallet simplifies crypto interaction, offering secure self-custody, DeFi access, and multi-chain swaps within the Binance app.
  • Advanced security, including Multi-Party Computation, ensures users’ assets remain solely owned and accessible.
  • Ordinals (ORDI) listing with a Seed Tag adds trading opportunities but calls for caution due to potential price volatility.

During the Binance Blockchain Week conference in Istanbul, the global cryptocurrency exchange Binance unveiled a self-custody Web3 wallet. This addition, available through the Binance app, seeks to enhance user interaction with the Web3 environment and establish itself as a formidable alternative to MetaMask and Binance’s Trust Wallet, prioritizing simplicity and security.

Bridging Centralized and Decentralized Systems

Binance’s Web3 Wallet is designed to bridge the gap between centralized and decentralized systems, making it more accessible and user-friendly. The wallet lets users swap thousands of tokens across 30 blockchain networks securely, explore various decentralized applications (dApps), transfer assets between exchanges and the wallet, and earn yields on their digital assets.

The wallet’s integration with the Binance mobile application eliminates the need to switch between platforms, offering a seamless experience for users. It also provides access to decentralized finance (DeFi) services and dApps directly within the app’s interface.

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Security and Self-Custody

To address security concerns while maintaining self-custody, Binance’s Web3 Wallet utilizes Multi-Party Computation (MPC) technology. This advanced technique divides a user’s private keys into three key shares, each stored in a different location, to reduce the risk of compromise. Notably, two of these critical shares are controlled by the user, ensuring that the funds in the wallet remain solely owned and accessible by the user.

Moreover, the wallet incorporates additional security features such as wrong address protection and malicious contract detection, providing users with real-time alerts regarding potential risks during transactions.

Ordinals (ORDI) Listing with Seed Tag

In a separate announcement, Binance revealed the listing of Ordinals (ORDI) on its platform, introducing spot trading pairs like ORDI/BTC, ORDI/USDT, and ORDI/TRY. However, users should exercise caution when trading ORDI due to its relatively new nature, which can result in significant price volatility. Effective risk management and thorough due diligence are recommended for potential ORDI traders.

Binance has introduced a Seed Tag for tokens like ORDI, indicating elevated levels of risk and volatility compared to other listed tokens. Users interested in trading these tagged tokens must complete corresponding quizzes on Binance Spot and Binance Margin platforms every 90 days, aiming to enhance awareness and understanding of their unique characteristics and associated risks.

Generous Promotion for ORDI Traders

To encourage trading of ORDI tokens, Binance has launched a special promotion. The first 1,000 users who deposit a minimum of 72 ORDI tokens will qualify for a generous reward, receiving a 50 USDT Trading Fee Rebate Voucher. It’s important to note that this reward is exclusively available to regular and VIP 1-3 users from designated regions.

Binance’s new Web3 Wallet is a significant addition to the crypto ecosystem, aiming to provide a secure, user-friendly experience for millions of users looking to explore the Web3 world. With advanced security features and integration within the Binance app, it poses a strong challenge to existing solutions like MetaMask and Trust Wallet. 

Additionally, the listing of Ordinals (ORDI) comes with a Seed Tag, highlighting the need for caution due to its potential price volatility. As the cryptocurrency landscape continues to evolve, Binance remains at the forefront, offering innovative solutions and opportunities for its users.