Binance, a leading cryptocurrency exchange, has unveiled its latest Web3 wallet feature, now accessible to all its users through the Binance mobile app. The launch took place during the Binance Blockchain Week conference in Istanbul, where CEO Changpeng “CZ” Zhao highlighted the significance of the new service.

In his statement, CZ emphasized the broader role of Web3 wallets, not just as a means of storing digital assets, but as a vital component within the Web3 framework, enabling individuals to have more control over their finances.

The Binance Web3 wallet has been integrated into the primary Binance app, simplifying the user experience, particularly for those already accustomed to trading cryptocurrencies on the platform. This wallet employs multiparty computation (MPC) technology, breaking down a user’s private keys into three smaller parts or key shares.

By dispersing the key shares across different locations, the risk of compromise is significantly reduced, enhancing the security of the system. Two of these key shares remain under the user’s control, ensuring self-custody and providing added security measures.

It’s important to note that the Binance Web3 Wallet is not available to users in the US due to the unavailability of Binance.com in the country. Despite the enhanced security features, users are advised to take precautions to safeguard their wallet assets and access. Losing the recovery password or device can result in permanent loss of access, as Binance is unable to retrieve the information.

The implementation of MPC technology, as emphasized by Richard Teng, head of regional markets at Binance, aims to provide users with peace of mind, alleviating concerns about the loss of seed phrases. Additionally, Binance remains committed to offering a secure and protected ecosystem, incorporating trusted security infrastructure within the Web3 Wallet.

Binance’s expansion into various crypto services comes as its spot trading business encounters challenges in retaining investors. Recent data from blockchain analytics firm 0xScope suggests a decline in Binance’s spot trading market share, potentially attributed to its listing strategy. Conversely, Korean crypto exchange Upbit has experienced a significant increase in market share during the same period. Despite these fluctuations, Binance continues to prioritize user-friendly and secure access to the evolving world of Web3.