Binance Introduces Self-custody Web3 Wallet

Binance, the world’s largest cryptocurrency exchange, announced the launch of its new Web3 wallet on Wednesday.
 

• The Binance Web3 wallet allows users to execute token swaps, and engage in yield earning and staking while providing access to a curated list of decentralized finance (DeFi) applications.
• The self-custody wallet allows users to remain in control of their assets, Binance said in a blog post.
• The wallet does not use seed phrases and splits private keys into three “key shares,” two of which are controlled by the wallet owner.
• Users can access the wallet directly from the Binance app, where they can switch between the company’s centralized exchange and DeFi.
• Binance has been facing regulatory challenges worldwide. In the U.S., Binance has been sued by the Securities and Exchange Commission and the Commodities Futures Trading Commission earlier this year.
• The world’s largest crypto exchange also lost two top executives in the U.K. and France at the end of October.

​Source: Forkast