Binance moves into self-custody space with Web3 wallet

Binance launched its new Web3 wallet on Wednesday during the Binance Blockchain Week conference in Istanbul.

The Binance wallet is designed to simplify user interaction with DeFi applications by integrating multiple blockchains.

This launch puts Binance alongside other major centralized exchanges like Coinbase and OKX which have already established their presence in the Web3 wallet space, and newer players like Bitget. Coinbase, for instance, first introduced a mobile self-custodial wallet in 2017, and upgraded it significantly in 2022.

Binance’s effort is integrated within the Binance app and is described as keyless and seedless, while still being a self-custodial wallet that many…

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