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On November 8, 2023, Binance released its Web3 Wallet, providing secure and streamlined access to the decentralized blockchain world, keeping the management of your Web3 assets directly within Binance.

Binance users have long requested better Web3 management, so now it's here, let's dive into Binance's Web3 wallet and see whether it is worth using.

Binance's Web3 Wallet is a non-custodial (aka self-custodial) cryptocurrency wallet that enables you to store, send, receive, and swap tokens across multiple blockchains. It integrates Web3 capabilities into the Binance app, making decentralized finance (DeFi) more accessible to its users.

Some key features and benefits of Binance's Web3 Wallet include:

Overall, Binance's Web3 Wallet furthers the adoption of DeFi and Web3 services by bringing you an easy-to-use self-custody wallet experience.

If you already use Binance regularly, I'd say it's worth checking out its Web3 Wallet. The integration with the Binance app (you can't access the Web3 wallet in the Binance web version) makes transferring funds between your exchange account and wallet quite easy. I like how I can access my Web3 wallet directly in the Binance app without downloading a separate app or extension.

The setup process was quick and painless. Backing up Binance's Web3 Wallet to iCloud or Google Drive gives some extra security (though you should only do this if you're sure your cloud accounts are equally secure!). The wallet's Emergency Export feature, which lets you regain access to assets independently if you can no longer access your Binance account, is also worth a specific shout. It's not a feature I've seen on any other Web3 wallet.

Of course, security is always a concern when dealing with crypto wallets. Binance's Web3 Wallet uses multi-party computation (MPC) to split the private key into shares across your device, cloud storage, and Binance's servers. With two of the three in your control, that should give you peace of mind.

Binance's Web3 Wallet supports various coins and tokens across blockchains like Ethereum, BNB Chain, Polygon, etc. You can use it to hold and transact with various cryptocurrencieseven beyond what is listed on Binance. The intuitive interface also makes sending, receiving, and swapping tokens a breeze.

One of my favorite features is the built-in swap service. It finds the best rates by aggregating prices across multiple DEXs and CEXs. From the look of things, you probably will get way better swap rates than using individual decentralized exchanges directly. The swap should also be instant and seamless since it uses Binance Bridge under the hood.

That said, I do wish the Web3 Wallet was more platform-agnostic rather than being tied to Binance. It would be nice if I could use Binance's Web3 Wallet independently without a Binance account. But for Binance users, it's a no-brainer choice for a cryptocurrency wallet.

Overall, Binance's new Web3 Wallet is neat and worth checking out. The convenience, great features, and tight integration make it a compelling crypto wallet.

Binance's new Web3 Wallet brings some sweet benefits to the table. So, if you're already on team Binance, you can also give its new Web3 Wallet a test drive. It may become your go-to for all things crypto and decentralized finance.

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What Is Binance's New Web3 Wallet & Is It Worth Using? - MUO - MakeUseOf