{"id":11015,"date":"2023-11-08T09:17:05","date_gmt":"2023-11-08T09:17:05","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/binance-unveils-web3-wallet-to-promote-self-sovereign-finance\/"},"modified":"2023-11-08T09:17:06","modified_gmt":"2023-11-08T09:17:06","slug":"binance-unveils-web3-wallet-to-promote-self-sovereign-finance","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11015","title":{"rendered":"Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d"},"content":{"rendered":"<div>\n<figure id=\"attachment_128438\" aria-describedby=\"caption-attachment-128438\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-128438\" class=\"wp-caption-text\">Source: Adobe<\/figcaption><\/figure>\n<p>Digital asset exchange Binance has rolled out a web3 wallet to offer a simplified gateway to self-custody for its users.<\/p>\n<p>The company announced the wallet\u2019s launch at the Binance Blockchain Week Conference in Istanbul highlighting that it can be integrated across 30 blockchain networks and can connect users to several decentralized applications (dApps).<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> is now your one app for all things Web3.  <\/p>\n<p>Our new Web3 Wallet lets you connect DeFi to CeFi in one click.  <\/p>\n<p>Try it and let us know what you think.  <\/p>\n<p>\ud83d\udc49https:\/\/t.co\/OoxJUABjzU <a rel=\"nofollow\" href=\"https:\/\/t.co\/rK3ukNCy8l\">pic.twitter.com\/rK3ukNCy8l<\/a><\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1722159707689783765?ref_src=twsrc%5Etfw\">November 8, 2023<\/a><\/p>\n<\/blockquote>\n<p>Speaking at the conference, Binance CEO Changpeng Zhao noted the need to give users the ability to explore multiple forms of storing digital assets.<\/p>\n<blockquote>\n<p>\u201c<i>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.\u201d<\/i><\/p>\n<\/blockquote>\n<p>The new web3 wallet will be available to all users on the Binance App and will compete with MetaMask and Trust Wallet. Trust Wallet is currently owned by the exchange so it is unclear the roles both wallets will play but according to reports, the new wallet will be easily accessible through the exchange.<\/p>\n<p>While it stresses ease in ushering users to other forms of storage, it was not revealed if a know-your-customer (KYC) will be mandatory to use the service.<\/p>\n<p>\u201c<i>Ultimately, our priority is to ensure users can explore Web3 with us within a user-friendly and protected environment.\u201d<\/i><\/p>\n<h2>Binance backs MPC to tackle security concerns<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>In recent years, web3 wallets have been susceptible to the activities of bad actors leading to losses but the exchange has highlighted a way to prevent any infamous incidents.<\/p>\n<p>The wallet integrates multi-party computation (MPC) which divides private keys into three parts onboarding key shares to reduce associated risks.<\/p>\n<blockquote>\n<p>\u201c<i>Having the key shares split across three different locations mitigates the risk of the keys being compromised and reduces the vulnerability of the system.\u201d<\/i><\/p>\n<\/blockquote>\n<p>This system introduces users to self-custody as two out of the three shares will be held by users while the other will be in possession of the company. One of the two held in the user\u2019s custody will be stored on the user\u2019s mobile device while the other will be encrypted through the password recovery process backed with cloud storage.<\/p>\n<p>As safe as this method seeks to get, the company further advises users to protect their details at all times and according to the Head of Regional Markets Richard Teng, it takes out the fear of losing seed phrases boosting user confidence as they interact in a safe web3 environment.<\/p>\n<h2>Unfortunately, not available in the United States<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>It has been revealed that the web3 wallet is only available in the global Binance.com without availability to the United States as the country transacts with a US entity, Binance.US.<\/p>\n<p>The largest cryptocurrency exchange by trading volume will now go into competition with Coinbase and OKX who have previously launched web3 wallets at a time when it faces plunging spot trading volumes.<\/p>\n<p>New reports show that the firm\u2019s spot trading volume has declined significantly by almost 40% losing some market share to competition.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/binance-unveils-web3-wallet-to-promote-self-sovereign-finance.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe Digital asset exchange Binance has rolled out a web3 wallet to offer a simplified gateway to self-custody for its users&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":11016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-11015","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: Adobe Digital asset exchange Binance has rolled out a web3 wallet to offer a simplified gateway to self-custody for its users. The company\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=11015\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Source: Adobe Digital asset exchange Binance has rolled out a web3 wallet to offer a simplified gateway to self-custody for its users. The company\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=11015\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-08T09:17:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-08T09:17:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/11\/1699434251-1698316057-bnb-burn___media_library_original_1200_800.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=11015#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=11015\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d\",\"datePublished\":\"2023-11-08T09:17:05+00:00\",\"dateModified\":\"2023-11-08T09:17:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=11015\"},\"wordCount\":566,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=11015#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=11015\",\"url\":\"https:\/\/infundpros.com\/?p=11015\",\"name\":\"Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-11-08T09:17:05+00:00\",\"dateModified\":\"2023-11-08T09:17:06+00:00\",\"description\":\"Source: Adobe Digital asset exchange Binance has rolled out a web3 wallet to offer a simplified gateway to self-custody for its users. The company\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=11015#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=11015\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=11015#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d | inFundPros","description":"Source: Adobe Digital asset exchange Binance has rolled out a web3 wallet to offer a simplified gateway to self-custody for its users. The company","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=11015","og_locale":"en_US","og_type":"article","og_title":"Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d | inFundPros","og_description":"Source: Adobe Digital asset exchange Binance has rolled out a web3 wallet to offer a simplified gateway to self-custody for its users. The company","og_url":"https:\/\/infundpros.com\/?p=11015","og_site_name":"inFundPros","article_published_time":"2023-11-08T09:17:05+00:00","article_modified_time":"2023-11-08T09:17:06+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/11\/1699434251-1698316057-bnb-burn___media_library_original_1200_800.jpg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=11015#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=11015"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d","datePublished":"2023-11-08T09:17:05+00:00","dateModified":"2023-11-08T09:17:06+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=11015"},"wordCount":566,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=11015#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=11015","url":"https:\/\/infundpros.com\/?p=11015","name":"Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-11-08T09:17:05+00:00","dateModified":"2023-11-08T09:17:06+00:00","description":"Source: Adobe Digital asset exchange Binance has rolled out a web3 wallet to offer a simplified gateway to self-custody for its users. The company","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=11015#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=11015"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=11015#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"Binance Unveils Web3 Wallet to Promote \u201cSelf Sovereign Finance\u201d"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11015"}],"version-history":[{"count":1,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11015\/revisions"}],"predecessor-version":[{"id":11017,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11015\/revisions\/11017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/media\/11016"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}