Binance, a crypto exchange, has announced the launch of a new self-custody wallet, accessible through the Binance mobile app. It is designed to simplify the onboarding process for new users by using multi-party computation (MPC) to generate three separate key-shares. One is protected by Binance, one is held on the user’s device and one is encrypted and saved on either iCloud or Google Drive. The wallet also provides users with access to decentralized applications (dapps) as well as an “Airdrop Zone” for exclusive airdrops and direct access to staking, lending, and other financial instruments. Binance CEO Changpeng “CZ” Zhao said that the wallet “lowers the barriers of entry for users to achieve full self-custody of their assets.” Ultimately, he added, “our priority is to ensure users can explore Web3 with us within a user-friendly and protected environment.” This is good news for users, as it provides more options for them to explore the Web3 universe securely.
You can read more about this topic here: Decrypt: Binance Launches Self-Custody Crypto Wallet, Boasting Exclusive Airdrops for Users