Binance, a leading cryptocurrency exchange, has recently launched a new self-custody Web3 wallet. This wallet allows users to easily interact with the decentralized finance (DeFi) ecosystem. To create a wallet, users are required to use the Binance app, which also serves as a platform for various activities such as staking, lending, and borrowing. One notable feature of this wallet is the use of multiparty computation (MPC) technology. This involves breaking the private key into three parts, with the wallet owner controlling two of them. This innovative approach eliminates the need for users to memorize seed phrases, enhancing convenience and security.Interestingly, this new wallet seems to be in direct competition with TrustWallet, which was acquired by Binance in 2018. Following the announcement of Binance’s new wallet, the native token of TrustWallet, TWT, experienced a decline in value. Prior to this, TWT had been performing well, partly due to Binance listing TWT futures on its exchange. This listing resulted in a significant increase in trading volume.Overall, Binance’s release of a self-custody Web3 wallet demonstrates the exchange’s commitment to providing users with convenient and secure ways to engage with the DeFi ecosystem. This move also highlights the competitive nature of the cryptocurrency industry, as Binance aims to establish itself as a leading player in the market.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	Binance, TrustWallet
Currencies	None
Securities	None