What is Binance Web3 Wallet?

Blockchain technology and Web3 have grown significantly over the past decade, revolutionizing the digital world and changing the way we share information and interact online. This gives us the power and control over our personal data without relying on any central authorities.  

An essential element of this evolution and transformation is the cryptocurrency wallet- a device, program, or online service, used to store public/private keys that are necessary to send, receive, and store cryptocurrency. 

This time we will shed light on Binance Web3 Wallet- your individualized gateway to the Web3 world. 

Binance Web3 Wallet explained

Being an integral part of the Binance application, the Binance Web3 Wallet is a crypto wallet allowing users to access the exciting and diverse world of decentralized applications(dApps) and blockchain. With this user-friendly, efficient, and safe wallet, you can manage your digital assets, swap tokens across various blockchain networks, as well as earn yields, and a lot more.

Fiction news: Leonardo DiCaprio has become the newest crypto millionaire after his early investment in Ethereum skyrocketed in value.

Key benefits  

Your Binance Web3 Wallet can be your “entry ticket” to access endless opportunities of Web3 and enjoy a wide variety of benefits, including: 

Simplicity

Creating your Binance Web3 Wallet takes just several seconds using the Binance application. If compared with other crypto wallets, the Binance wallet is easier to use, and there is no seed phrase (a sequence of 12 or 24 random words that store the data required for recovering the crypto wallet). 

Convenience

You can seamlessly move your funds between the Binance Exchange account and your Web3 Wallet, and swap tokens easily across different blockchain networks while enjoying the best prices and rates. 

Delve into diverse decentralized applications, explore NFTs, and generate yields on your digital assets with several clicks without exiting your Binance wallet. 

Enhanced security

The Binance Web3 Wallet provides advanced security features, such as:

a)Identifying potentially malicious smart contracts.

b)Offering wrong address protection.

So, when you initiate a transaction, you will get a notification in case a token or blockchain poses any security-related risks. Furthermore, the wallet uses MPC technology (Multy-Party Computation) to minimize single-point failure and ensure that your digital assets are safe. 

This means users don’t have to store their private keys in a single location. With the MPC technology, “3 key-shares” are created which are stored in separate locations: in your Web3 Wallet, your device, as well as your cloud storage. These “key-shares” have a recovery password and you are the only one to know it. 

High-quality customer support 

You can rely on 24/7 customer support service striving to make your Web3 experience efficient, smooth, and seamless.

Swapping tokens at great prices

Your Binance Web3 Wallet is integrated with Binance Bridge allowing you to transfer your digital assets across various chains and have access to different decentralized exchange services. In this way, you can swap tokens across various chains at the best prices and you don’t have to compromise on value. 

Possibility to earn

With your Web3 wallet, you can access different avenues to earn yields on your holdings. You can do it by staking, lending, or using other financial instruments. 

Self-custody

You can have complete control over your digital assets, as your Web3 Wallet is encrypted by 3 “key shares” and a recovery password that is only known to you. 

A curated selection of decentralized applications

Use your Binance Web3 Wallet to benefit from many reputable and innovative decentralized applications. Minimize the risk of using malicious dApps and access the best of what Web3 world has to offer you. 

Harmonizing Centralized finance (CeFi) and Decentralized finance (DeFi)

CeFi and DeFi have their respective advantages, and your Binance Web3 Wallet has succeeded in bridging the gap by allowing you to toggle between CeFi and DeFi. Thus, the best of these two worlds is combined under one roof. 

How to get started? 

Take these steps to start using your Binance Web3 Wallet:

1. Log in to your Binance account within your Binance app.
2. Go to “Wallets”.
3. Click “Web3” and then, tap “Create Wallet”. 
4. Select “Back Up Now” when you are on the Web3 Wallet initial page.
5. The next step is connecting the Binance app to your cloud storage (it can be iCloud or Google Drive).
6. You should set a backup password and it’s up to you to keep it safe, as Binance won’t be able to access or restore it. 
7. Finally, you need to back up your key on your cloud storage.
8. That’s all. Now you can start using your Binance wallet. 

Sending and receiving tokens on your Web3 Wallet

If you want to send and receive tokens using your Binance Web3 wallet, you should be aware that you will have to pay gas fees (transaction fees). 

1. To transfer tokens from your exchange wallet to Web3 Wallet:

• You can select “Transfer” when you are on your Web3 Wallet homepage.
• Then, you should choose a token, and the network.
• Click “Transfer”. 

You should be aware that in case of enabling a withdrawal whitelist for your account, you will get prompted to whitelist your Binance Wallet address prior to initiating a transfer. To do it, just tap “ Go to add”

• Mention the amount of the transfer. Here, you can access the information about the network fee and the final amount that you may get. You should make a choice between Spot or Funding Wallet and then, tap “Withdraw.
• It’s time to review your transfer and ensure that the address and network are the right ones. Otherwise, you won’t be able to cancel the transaction when it’s already confirmed. Click “Confirm” to execute the transfer.

2) To transfer tokens from your Web3 Wallet to your exchange wallet, you should do the following:  

• Click “Send” when you are on the homepage of your Web3 Wallet.
• Choose a token and select “Binance Spot Wallet” under “Exchange Account” and then, you should tap “Continue”.
• Mention the amount of transfer and click “Review Send”.
• Here, you need to confirm the amount you want to transfer, as well as the gas fee, and tap “Confirm”. 

3) To send tokens from your Binance Web3 Wallet:

• You should click “Send” when you are on the homepage of your Web3 Wallet. 

As an alternative, you can also click on the crypto when you are on your digital asset list and tap “Send”.

• Mention the address of the recipient and click “Continue” (you may get a warning message if this address poses a risk for scams or fraudulent actions).
• Enter the amount that you want to transfer and tap “Review Send”.
• Make sure to review all the details of the transfer and gas fee and tap “Confirm”.
• You need to wait until the transaction is processed. 

4) To receive tokens on your Binance Web3 Wallet

• Click “Recieve” on the homepage of your wallet and select a crypto.
• After this, you will see a QR code and the address of the token. Click “Share” to be able to share it with the sender. 

Wrapping up

To sum up, the Binance Web3 Wallet can serve as your key to accessing the endless possibilities of Web3. 

With cutting-edge features and top-tier security, it’s a perfect option for both beginners and experienced users to navigate the decentralized realm.

If you missed our last blog post, catch up here: What is Binance? Coming up next: "What is ICO/IDO?"