Binance Launched Web3 Wallet using MPC Technology

Binance launched its new Web3 wallet and will be made available to all users via the Binance mobile app. The web3 wallet launches within the primary Binance app, which is predominantly used for trading.

The wallet features the multiparty computation (MPC) technology, which remove the need for users to memoirze the seed phasses. With MPC, private key will be broken into three smaller parts known as key shares. Two of the three key shares will be controlled by the users at all times, allowing for self-custody and one key share will be with Binance.

Binance's aim is that users can use the wallet to "swap thousands of tokens across" more than 30 blockchains, explore decentralized applications, transfer funds between exchange and wallet, the company said.