Binance Academy
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What Is the Binance Wallet?
Key Takeaways
The Binance Wallet is an innovative wallet for digital assets that combines convenience, security, and utility.
The wallet offers enhanced security through Multi-Party Computation (MPC) technology and a seamless user experience with access to Binance Bridge and other service providers, facilitating token swaps across different blockchain networks.
Users can explore the world of decentralized finance (DeFi) and decentralized applications (DApps) while also counting on dedicated 24/7 customer support.
What Is the Binance Wallet?
The Binance Wallet, an integral part of the Binance app, is a user-focused cryptocurrency wallet that empowers users in the realm of decentralized finance (DeFi).
With the Binance Wallet, users can easily access the world of blockchain and decentralized applications (DApps). The wallet provides a safe and efficient way for users to manage their digital assets, perform token swaps across different blockchain networks, earn yields, and much more.
How Does It Work?
Binance Wallet uses Multi-Party Computation (MPC) technology, which is an enhanced cryptographic security system that eliminates the need to store your private keys in a single location. The wallet uses MPC to create three “key-shares”, which are stored separately in your Wallet, cloud storage, and your device. The key-shares are also protected by your recovery password, which is solely known to you.
Key Features of the Binance Wallet
Easy to use
You can create a Binance Wallet in just a few seconds through the Binance app. Unlike other crypto wallets, with the Binance Wallet setup you don’t have to worry about seed phrases or private keys, making it much easier to use.
Convenience
Seamlessly connected to Binance Bridge and other service providers, the Binance Wallet facilitates easy token swaps across different blockchain networks while also ensuring the best rates and prices. Users can also explore DApps and generate yield with just a few clicks.
Security
The Binance Wallet offers important security features, including wrong address protection, and identification of potentially malicious smart contracts. When making transactions, the wallet will notify users when a token or blockchain carries a potential security risk. In addition, every transaction is controlled by Multi-Party Computation (MPC) technology, reducing the risk of single points of failure and ensuring the safety of your assets.
Self-custody
Encrypted by three “key-shares” and a recovery password exclusively known to the user, the Wallet allows complete autonomy over your assets.
Customer Support
Users can count on a 24/7 customer support service to ensure a safe and smooth experience.
How to Use the Binance Wallet
1. Log in to your Binance account in the Binance app and go to [Wallets].
2. Next, tap [Web3] and choose [Create Wallet] or [Import Wallet] to get started.
3. Note that before you can start using the Binance Wallet, you will have to back it up and set a recovery password.
How to Backup Your Binance Wallet
1. On the Homepage, tap [Back Up Now].
2. Choose the backup method and start backing up your Binance Wallet.
3. Set a backup password and keep it safe. Binance cannot access or reset this password, so make sure you don’t lose it.
4. Back up your key on your cloud storage.
5. Done. Your wallet is ready to use.
Further Reading
How to Set Up a Crypto Wallet
What Are Web3 Wallets?
How to Send and Receive Tokens on the Binance Wallet
Disclaimer: The Binance Wallet is an optional product. It is your responsibility to determine if this product is suitable for you. Binance is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. Please carefully review the Binance Wallet Terms of Use and always do your own research.
The Binance Wallet is an innovative wallet for digital assets that combines convenience, security, and utility.
The wallet offers enhanced security through Multi-Party Computation (MPC) technology and a seamless user experience with access to Binance Bridge and other service providers, facilitating token swaps across different blockchain networks.
Users can explore the world of decentralized finance (DeFi) and decentralized applications (DApps) while also counting on dedicated 24/7 customer support.
What Is the Binance Wallet?
The Binance Wallet, an integral part of the Binance app, is a user-focused cryptocurrency wallet that empowers users in the realm of decentralized finance (DeFi).
With the Binance Wallet, users can easily access the world of blockchain and decentralized applications (DApps). The wallet provides a safe and efficient way for users to manage their digital assets, perform token swaps across different blockchain networks, earn yields, and much more.
How Does It Work?
Binance Wallet uses Multi-Party Computation (MPC) technology, which is an enhanced cryptographic security system that eliminates the need to store your private keys in a single location. The wallet uses MPC to create three “key-shares”, which are stored separately in your Wallet, cloud storage, and your device. The key-shares are also protected by your recovery password, which is solely known to you.
Key Features of the Binance Wallet
Easy to use
You can create a Binance Wallet in just a few seconds through the Binance app. Unlike other crypto wallets, with the Binance Wallet setup you don’t have to worry about seed phrases or private keys, making it much easier to use.
Convenience
Seamlessly connected to Binance Bridge and other service providers, the Binance Wallet facilitates easy token swaps across different blockchain networks while also ensuring the best rates and prices. Users can also explore DApps and generate yield with just a few clicks.
Security
The Binance Wallet offers important security features, including wrong address protection, and identification of potentially malicious smart contracts. When making transactions, the wallet will notify users when a token or blockchain carries a potential security risk. In addition, every transaction is controlled by Multi-Party Computation (MPC) technology, reducing the risk of single points of failure and ensuring the safety of your assets.
Self-custody
Encrypted by three “key-shares” and a recovery password exclusively known to the user, the Wallet allows complete autonomy over your assets.
Customer Support
Users can count on a 24/7 customer support service to ensure a safe and smooth experience.
How to Use the Binance Wallet
1. Log in to your Binance account in the Binance app and go to [Wallets].
2. Next, tap [Web3] and choose [Create Wallet] or [Import Wallet] to get started.
3. Note that before you can start using the Binance Wallet, you will have to back it up and set a recovery password.
How to Backup Your Binance Wallet
1. On the Homepage, tap [Back Up Now].
2. Choose the backup method and start backing up your Binance Wallet.
3. Set a backup password and keep it safe. Binance cannot access or reset this password, so make sure you don’t lose it.
4. Back up your key on your cloud storage.
5. Done. Your wallet is ready to use.
Further Reading
How to Set Up a Crypto Wallet
What Are Web3 Wallets?
How to Send and Receive Tokens on the Binance Wallet
Disclaimer: The Binance Wallet is an optional product. It is your responsibility to determine if this product is suitable for you. Binance is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. Please carefully review the Binance Wallet Terms of Use and always do your own research.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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