“Following in the footsteps of Coinbase and OKX”, Binance officially launches Web3 wallet

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Binance announced the launch of a new Web3 wallet, causing the price of Trust Wallet’s native token to plummet.

Recently, at the Binance Blockchain Week conference in Istanbul, Binance launched a new Web3 wallet that allows interaction with the decentralized finance (DeFi) ecosystem. Initially, this Web3 wallet will run on 30 different blockchain networks and then expand to all existing networks.

Binance’s Web3 wallet will compete directly with other products such as MetaMask and Trust Wallet, which was acquired by Binance in 2018.

Currently, users can easily create a wallet through Binance’s mobile app and use it to conduct DeFi activities such as staking and lending.

Instructions for creating a wallet:

Go to the Binance app => Select the “Wallet” tab => “Web3” and select “Create Wallet” to start using the wallet.

It is worth noting that not only Binance, but other centralized exchanges such as Coinbase and OKX also quickly launched their own Web3 wallets.

Speaking about the new Web3 wallet, Binance CEO Changpeng Zhao said: “Web3 wallets are not only used to store digital assets, but also become an integral part of the Web3 space by putting the control and management of assets in the hands of users.”

Additionally, since Web3 wallets are often targeted by hackers, Binance hopes to overcome this problem through multi-party computation (MPC). MPC eliminates the need to remember secret keywords and does not compromise security and self-preservation. MPC involves dividing a private key into three parts, called “key shares,” where two of the three key shares are controlled by the wallet owner.

Finally, the CEO emphasized: “Our top priority is ensuring users can explore Web3 in a friendly and secure environment.”

Following Binance’s announcement, the price of Trust Wallet’s TWT token fell nearly 15% from its yearly high of $1.81. As of this writing, TWT is trading at around $1.40.

Current TWT price

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