WHAT IS IT AND HOW DOES IT WORK?
The Binance Wallet is a self-custody cryptocurrency wallet included in the Binance app, designed to empower users in the realm of decentralized finance ("DeFi"). It acts as a digital gateway to blockchain-based applications (DApps) and offers users a secure and optimized method to manage their cryptocurrencies, execute token swaps across multiple chains, earn yields, and interact with a variety of blockchain platforms.
1. Simple: create a wallet in seconds from your Binance app without having to worry about seed phrases or private keys.
2. Practical: by integrating with Binance Bridge and other providers, the Binance Wallet facilitates token exchanges between blockchains easily at better prices. You can explore dApps and generate yields effortlessly in just a few steps.
3. Secure: the MPC (Multi-Party Computation) technology governs every transaction and ensures that your assets are safe. Enhanced security features, such as incorrect address protection and malicious contract detection, among others, will notify you if a token or blockchain poses a security risk at the time of the transaction.
4. Self-custody: the Binance Wallet uses a sophisticated security mechanism that produces three independent shared keys, stored individually in locations including your personal cloud and your device. To access your Binance Wallet, a minimum of two shared keys is required. This mechanism promises complete user control over their wallet.