Crypto exchange Binance has just introduced a self-custodial cryptocurrency wallet that will be available to users through the platform's app, CoinDesk has reported.
During the announcement, which has been made at the Binance Blockchain Week conference in Istanbul, the company said:
"Millions of Binance users can now explore and experience web3, without the risk of losing seed phrases or struggling with complicated onboarding processes."
According to the company, the launch is intended to allow users of the platform to use the wallet to exchange thousands of tokens across more than 30 networks, explore decentralized applications, transfer funds between the exchange and the wallet, among other things.
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The wallet uses multiparty computing (MPC), which is used to split a user's private keys into three smaller parts known as shared keys. The user will control two of the three shared keys at all times, allowing for self-custody.