First Mover Americas: Binance Unveils Self-Custody Wallet

Binance has released a self-custody Web3 wallet that can be used to interact with the DeFi ecosystem. Users are required to use the Binance app to create a wallet, with the app serving as the venue for activities such as staking, lending and borrowing. The wallet will also use multiparty computation (MPC), which involves a private key being broken into three parts of which the wallet owner controls two, as a means of removing the need to memorize seed phrases. The new wallet appears to compete with TrustWallet, which the exchange bought in 2018. TrustWallet’s native token (TWT) fell following Binance’s announcement. TWT had experienced a positive week prior to this, thanks in part to Binance listing TWT futures on its exchange, which saw volume increase from around $80 million to $476 million on Monday.