Binance introduces self-custody Web3 wallet

Binance, the world’s largest cryptocurrency exchange, announced the launch of its new Web3 wallet on Wednesday.

See related article: Binance says it signed agreements with new euro banking partners 

Fast Facts

• The Binance Web3 wallet allows users to execute token swaps, and engage in yield earning and staking while providing access to a curated list of decentralized finance (DeFi) applications.

• The self-custody wallet allows users to remain in control of their assets, Binance said in a blog post.

• The wallet does not use seed phrases and splits private keys into three “key shares,” two of which are controlled by the wallet owner.

• Users can access the wallet directly from the Binance app, where they can switch between the company’s centralized exchange and DeFi. 

• Binance has been facing regulatory challenges worldwide. In the U.S., Binance has been sued by the Securities and Exchange Commission and the Commodities Futures Trading Commission earlier this year.

• The world’s largest crypto exchange also lost two top executives in the U.K. and France at the end of October.

See related article: Binance.US suspends USD withdrawals