Binance, one of the largest cryptocurrency exchanges, has announced the launch of a new “self-custody” Web3 wallet designed to simplify user experience and protect funds when interacting with decentralized applications. The wallet leverages multi-party computation (MPC) technology, which allows users to manage their wallet without memorizing or handling seed phrases.
Lowering the Barrier to Web3
Changpeng “CZ” Zhao, founder and CEO of Binance, emphasized that the wallet addresses the complexity of managing Web3 tools. In a press release, he stated: “To help drive Web3 adoption, we have to identify and plug the gaps between centralized and decentralized systems. Binance’s Web3 Wallet lowers the barriers of entry for users to achieve full self-custody of their assets and it is an important, convenient bridge towards DeFi empowerment.”
Binance Head of Regional Markets Richard Teng noted that security was another key focus in the wallet's development. The press release describes the wallet as “self-custodial,” but with a twist: key-shares are split across three different locations, reducing the risk of a single point of compromise. Two of the three key-shares are controlled by the user. Teng added that users should be “assured that they are interacting with Web3 within a secure and protected ecosystem,” removing the common stress of losing one’s seed phrase.
Powered by Trust Wallet's WaaS
Binance revealed that the new wallet is an implementation of Trust Wallet’s wallet-as-a-service (WaaS) suite, which enables third parties to offer Web3 services without building their own wallet infrastructure. Trust Wallet claims its white-label solution cuts development times “from years to months,” allowing companies to focus on their core activities. Trust Wallet was founded in November 2017 and acquired by Binance in 2018, with the acquisition hinting at future integrations.
By combining MPC technology with the ease of WaaS, Binance’s Web3 wallet aims to attract mainstream users to self-custody while preserving the core principle of asset control. This move could significantly expand the DeFi user base and accelerate Web3 adoption.
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