The world’s largest cryptocurrency exchange Binance introduced an updated version of its Web3 wallet. It is now called Binance Wallet.
We tell you what users need to know about the relaunch of the Binance Web3 wallet.
Binance Wallet: what’s new
The restart of the Binance crypto wallet will occur in several stages. Initially, developers will focus on the user interface, which should become much more intuitive.
Binance aims to solve several problems at once: complexity for users and decentralized navigation. The global head of the crypto exchange, Vinson Liu, explained that the rebranding is a step towards creating tools that will simplify the user experience and help the marketplace attract 1 billion users to the Web3 ecosystem.
At the first stage, the unified wallet function (from the English Unified Wallet) will appear in Binance Wallet. It will combine user assets from different wallets in one interface. This will eliminate the need to switch between wallets or blockchain networks.
Other updates include a new “airdrop zone” and “reward center.” They will simplify access to rewards and allow you to manage airdrops and other earning opportunities.
To increase engagement, Binance is launching a promotional campaign, within which it will distribute a total of $5 million. The crypto exchange will show all the new features of the updated crypto wallet.
Problems with the updated Binance wallet
Binance Wallet’s new design and features put it in more direct competition with market players like Coinbase Wallet and MetaMask. They have long offered seamless integration with decentralized applications (dApps), simplified token management, and support for multiple blockchains.
Despite the improvements, Binance Wallet faces problems common to any Web3 platform. Some critics are worried about the decentralization of the crypto wallet due to the close connection of the product with the centralized exchange (CEX) Binance.
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Source: Cryptocurrency
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