Binance Launches the Binance Web3 Wallet for Self-custody

Binance Wallet

Binance announced the launch of the Binance Web3 Wallet, aiming to bridge the gap between the exchange and the web3 sector.

On November 8, 2023, as hinted earlier, Binance officially announced the launch of its new product, the Binance Web3 Wallet.

This is a self-custody crypto wallet integrated directly into the Binance mobile app that users use on their phones.

Binance’s wallet serves as a user-friendly gateway between the exchange and Web3. It enables users to interact across multiple blockchains, trades thousands of tokens, and use a variety of DApps – all within a single app.

Web3 wallets are not simply intended to store digital assets, but they are also an indispensable part of the Web3 sector, giving financial autonomy to everyone.

Binance exchange owner Changpeng Zhao (CZ) shared

Outstanding features of the wallet include:

  • Optimal cross-chain token swap: Leverage the power of Binance Bridge and leading DEXs to trade large amounts of tokens across multiple chains, while still maintaining low slippage.
  • Seamless money transfer: Transfer tokens easily between Binance exchange and Binance Web3 wallet, between CeFi, DeFi, and Web3 seamlessly.
  • Enhanced security: Security is a top priority for Binance.
  • Risk warnings: Receive warnings about any potential security risks related to tokens or blockchain through the wallet.

Therefore, Binance Web3 Wallet has emerged as a competitor to MetaMask and Trust Wallet, the two leading crypto wallet apps. Trust Wallet itself is now part of the Binance ecosystem after being acquired by the exchange in 2018.

Before Binance, other CEX exchanges developed integrated web3 wallets, such as Coinbase and OKX, which offer additional DeFi features.

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