Binance and Trust Wallet Join Forces: Launching Web3 Wallet

<p>Binance
has unveiled Web3 Wallet during the Binance Blockchain Week conference in
Istanbul. This product aims to address the growing demand for an uncomplicated,
secure, and user-friendly way to explore the world of Web3. </p><p>Swapping
Tokens and Exploring dApps with Binance's Web3 Wallet</p><p> The recent launch provides users a method to swap thousands of
tokens across various networks at competitive rates; explore a plethora of decentralized
applications (dApps); transfer funds between their exchange and wallet; and
earn yield on their crypto assets.</p><p>Binance
Web3 Wallet is a collaborative effort with the product and engineering team at
Trust Wallet, utilizing the same wallet technology layer services while
maintaining Binance's autonomous control over Web3 Wallet's features,
operations, and services. Coindesk wrote in a news report that the wallet will
support 30 blockchain networks. A
question may be raised as to whether Binance is going to shut down Trust Wallet
in due course.</p><p>Changpeng
Zhao (CZ), the CEO and Founder of Binance, emphasized the significance of Web3
wallets: "Web3 wallets represent more than just storing digital
assets; they are an integral part of the Web3 framework, empowering individuals
with the ability for self-sovereign finance."</p><p>The web3 wallet is a self-custody wallet. Users
can create and activate their <a href="https://www.financemagnates.com/tag/web3/">Web3</a> Wallet within the
Binance mobile app. This integration enables users to access dApps and DeFi
features without switching between multiple platforms. To enhance security,
Multi-Party Computation technology is used. It eliminates the need for
users to manage or memorize seed phrases while ensuring security and
self-custody.</p><p>CZ
further emphasized the importance of bridging the gap between centralized and
decentralized systems to facilitate Web3 adoption: "Binance's
Web3 Wallet lowers the barriers of entry for users to achieve full self-custody
of their assets and is an important, convenient bridge towards DeFi
empowerment."</p><blockquote><p lang="en" dir="ltr">Meet the brand new <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> Web3 Wallet!Simple, convenient and secure.Discover more