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Binance, one of the leading cryptocurrency exchanges, has announced the launch of its new Web3 wallet. This wallet, which will be available to all users through the Binance mobile app, aims to provide individuals with self-sovereign finance capabilities. The Web3 wallet is integrated within the primary Binance app, making it convenient for users who are primarily engaged in cryptocurrency trading. One of the key features of this wallet is the use of multiparty computation (MPC) technology, which splits a user’s private keys into three smaller parts known as key shares. This approach enhances security by reducing the risk of key compromise. Two of the key shares will be controlled by the user, allowing for self-custody of assets. Binance’s Web3 wallet aims to lower the barriers to achieving full self-custody and serves as a bridge towards decentralized finance (DeFi) empowerment. The incorporation of MPC technology and Binance’s trusted security infrastructure ensures a secure and protected ecosystem for users. Binance’s expansion into other crypto services comes at a time when its spot trading business is facing challenges. The exchange’s spot trading market share has declined, possibly due to its listing strategy. In contrast, Korean crypto exchange Upbit has experienced significant growth in its spot market share. Binance’s CEO, Changpeng Zhao, has also seen a decline in his net worth amid the slump in exchange volumes. Overall, Binance’s launch of the Web3 wallet and its focus on security and user-friendly features demonstrate its commitment to providing a protected environment for users to explore the world of Web3 and decentralized finance.