Binance Self-Custody Web3 Wallet Safety and Security

Binance has recently launched its self-custody Web3 wallet.

👉 Self-custody wallets: Self-custodial wallets, also known as non-custody wallets, are digital wallets that allow individuals to manage and store their cryptocurrencies without relying on a third-party custodian, such as a centralized exchange.

👉 Web3 wallets: Web3 wallets are designed to interact with Web3 applications, decentralized applications built on blockchain technology. Web3 wallets can store and manage their digital assets, such as cryptocurrencies, NFTs, and other digital tokens.

Do You Want To Learn More?

All the information you need to create a Binance Web3 wallet is readily available at ‘Frequently Asked Questions on Binance3 Wallet’
But, in this article, we will review some security and safety points that you must know, or at least understand, before creating and using the Binance Web3 wallet.

Is Binance Web3 Wallet a Self-Custody Wallet?

Yes, Binance Web3 Wallet is a self-custody wallet.
Binance Web3 Wallet employs Multi-Party Computation (MPC) to create three key shares, which are stored in different locations for added security.