“Web3 wallets are more than just storing digital assets – they are an integral part of the Web3 infrastructure, giving people the ability to self-fund,” said Binance CEO Changpeng Zhao.
The new product will work across 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 the Know Your Customer (KYC) process to create a wallet.
According to the terms of use, users need a link to an existing account on the exchange to create a wallet. In doing so, the company is authorized to monitor transactions for “potential fraud, suspicious activity, or evasion of sanctions. The exchange may freeze suspicious accounts if the rules are violated.
“Ultimately, our priority is to ensure that users can explore Web3 with us in a convenient and secure environment,” Zhao added.
Earlier, Binance said it plans to float the ORDI token with new trading pairs ORDI/BTC, ORDI/USDT and ORDI/TRY on Nov. 8. On the back of this news, the price of the crypto asset soared 48% in a day