Binance announces self-custody crypto wallet during conference

Quick Take

  • The world’s largest cryptocurrency exchange launches a self-custody wallet that works within the Binance app.
  • The announcement was made during its conference in Turkey.

Binance, the world's largest cryptocurrency exchange by volume, has launched a self-custody wallet that works within its native app.

The company made the announcement during its Binance Blockchain Week conference in Istanbul, Turkey, it said in a statement. "Millions of Binance users can now explore and experience web3, without the risk of losing seed phrases or struggling with complicated onboarding processes," Binance said in its statement.

Binance's aim is that its customers will use the wallet to "swap thousands of tokens across" more than 30 networks, explore decentralized applications, transfer funds between exchange and wallet in addition to earning yield on digital assets, the company said.

"To help drive web3 adoption, we have to identify and plug the gaps between centralized and decentralized systems," Binance founder Changpeng Zhao said in the statement. "Binance’s web3 Wallet lowers the barriers of entry for users to achieve full self-custody of their assets."

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