Binance Web3 Wallet Adds 24 New DApps, Facilitates DeFi Access

Binance launched the Web3 Wallet. (Photo; Doc. Bitcosar)

JAKARTA Binance as the world's largest crypto exchange continues to expand its services in the field of DeFi (decentralized finance), a sector that offers various non-intermediary financial services. Binance recently announced that its Web3 wallet, which is part of the Binance app, has added new 24 dApps (decentralized applications) accessible to its users.

Binance's Web3 wallet is a crypto wallet that allows users to store, send, receive, and exchange cross-blockchain crypto tokens. This wallet also allows users to explore and interact with various dApps, which are apps running on blockchain and out of control by the central authority.

Previously, the Binance Web3 wallet only supported five blockchains, namely Ethereum, Binance Smart Chain, Avalanche, Polygon, and Fantom. However, with the addition of 24 new dApps, the Binance Web3 wallet now supports 11 additional blockchains, namely Arbitrum, Celo, Harmony, Heco, Moonriver, Near, Optimism, Ronin, Solana, Terra, and xDai.

Binance's Web3 wallet, launched in November 2023, aims to simplify user experience as they switch between CeFi (centralized finance) and DeFi. Accessing Web3, the decentralized internet supported by blockchain, can be scary for new users, from understanding various cross-chain bridges to seed phrases as access control. Users can lose permanent access to their digital assets if they forget their seed phrases in other Web3 wallets.

Binance's Web3 wallet removes this by using a new technique, MPC (Multi-Party Computation), to share the password key in three ways to remove a single failure point when the user forgets the "recovery phrase" or seed. Additionally, Binance's Web3 wallet is a self-custody wallet, which means users have control over their key even though the wallet is connected to Binance. Other features include optimal swap rates and customer support.

Binance's Web3 wallet competes with other Web3 wallets, such as MetaMask, Trust Wallet, and Coinbase Wallet, which also offer access to various DApps and DeFi services. However, Binance's Web3 wallet has an advantage in terms of simplicity, security, and comfort of all-in-one, which can be an attraction for new Web3 users. With Binance's Web3 wallet, users can explore the Web3 world without leaving their wallets.