Cryptocurrency exchange Binance announced the launch of its own Web3 wallet at the Binance Blockchain Week conference in Istanbul.
“Web3 wallets are more than just storage for digital assets—they are an integral part of the Web3 infrastructure, providing people with self-service financing,” said Binance CEO Changpeng Zhao.
The new product will work in 30 blockchain networks. Users will be able to create a wallet through the Binance mobile app. However, it is not yet clear whether users will have to go through Know Your Customer (KYC) procedures to create a wallet.
According to the terms of use, to create a wallet, the user needs to be linked to an existing account on the exchange. However, the company has the right to monitor transactions for “potential fraud, suspicious activity or sanction evasion. In case of violation of the rules, the exchange may freeze suspicious accounts.
“Ultimately, our priority is to ensure that users can explore Web3 with us in a convenient and secure environment,” Zhao added.
Binance previously stated that it plans to list the ORDI token with new trading pairs ORDI/BTC, ORDI/USDT and ORDI/TRY on November 8th. Against the backdrop of this news, the price of the crypto asset soared by 48% within 24 hours. Meanwhile, analysts from The Block reported that trading volumes on the largest cryptocurrency exchange decreased from 74% in December 2022 to 50% in October 2023.
