- Binance Web3 Wallet integrates Bitcoin, Bitcoin Cash, Dogecoin, and more.
- Features enhanced token transfer capabilities.
- Supported networks are viewable in the Binance App.
Crypto wallets are a sort of passport to crypto and Web3. As such, many major players in the space are looking to cement their dominance in this crucial technology.
Binance, the biggest crypto exchange, recently made news with its own Web3 wallet launch. The exchange has recently expanded its wallet’s capabilities to integrate several major cryptos.
Binance Web3 Wallet’s Integrates Bitcoin, Dogecoin
On Thursday, December 7, 2023, Binance officially integrated Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), and Sei Networks into its Web3 Wallet. The integration allows users to seamlessly transfer tokens to and from these newly added networks via the Binance Web3 Wallet.
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To utilize this new functionality, users can log into their Binance App, navigate to the ‘Wallets’ tab, select ‘Web3’, and then ‘Create Wallet’ if they haven’t already set up their Web3 Wallet. For existing users, the updated list of supported networks can be viewed by following the path: Wallets > Web3 > Networks.
Binance Wallet and Trust: What’s the Difference?
Binance first entered the wallet space by acquiring Trust Wallet in 2018. Trust Wallet, known for its user-friendly interface and robust security features, was Binance’s way to enter the wallet space.
While Trust Wallet and the new Binance Web3 Wallet have similar basic functionality, they have distinct features. Trust Wallet operates as an independent product, allowing users to store and use cryptocurrencies across the decentralized finance (DeFi) ecosystem.
In contrast, the Binance Web3 Wallet is integrated into the Binance platform’s native app. It is also designed to work across 30 blockchains for activities like staking, lending, and borrowing.
A key difference is that the Binance Web3 Wallet is only accessible through the platform’s app, potentially limiting its use to those who have or want to sign up for a Binance exchange account.
On the Flipside
- Binance’s development of its own Web3 Wallet highlights the intensifying competition among crypto wallets and exchanges.
- Integrating multiple cryptocurrencies, each with its unique blockchain architecture, poses technological challenges for the Binance wallet.
Why This Matters
Binance’s wallet reflects the growing trend towards multi-currency platforms in the crypto industry. For users, this development means greater convenience and flexibility in managing diverse crypto assets.
Read more about Binance’s Web3 wallet:
Binance Debuts User-Friendly Wallet for Web3 Adoption
Read more about a major French bank launching its own stablecoin:
French Bank Société Générale Launches Euro-Pegged Stablecoin
