The largest crypto trading platform, Binance, has now added support for five blockchain networks in its Binance Web3 Wallet service.
The exchange communicated this update via a recent blog post and on X. Per the notification, the new additions were in response to feedback from the crypto community.
Notably, the five networks now incorporated into the Binance Web3 Wallet include the blockchains of Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), and Sei Network.
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Following the new integration, users can seamlessly transfer tokens to and from these networks using Binance Web3 Wallet. Existing supported networks include BNB Smart Chain, Ethereum, Polygon, Avalanche, and Arbitrum One.
However, notable blockchain networks still missing include the XRP Ledger and Cardano. This implies that investors cannot send and receive ADA and XRP through the tokens native networks on the Binance self-custody solution, only through other networks like BNB Smart Chain.
It is worth mentioning that the support for Bitcoin and Dogecoin on Binance Web3 Wallet comes precisely a month after the exchange introduced the platform. Notably, the Binance Web3 Wallet supports storing non-fungible tokens (NFTs) on specific networks.
Binance noted that its Web3 wallet service streamlines the path for users as it eliminates complex setups. Specifically, the Binance Web3 wallet eliminated the need to write down seed phrases, a process typical of standard crypto wallets.
Binance claimed users benefit from the seed-phrase-less setup while retaining the advantages of security and self-custody.
Besides, Binance users need to perform no extra actions to own and control this Web3 Wallet. Users can navigate to the wallet from the Binance app with just two clicks: [Wallets] > [Web3].
It is worth noting that, similar to other services, crypto self-custody solutions mean that users have total control over their wallets, and forgotten passwords are not retrievable.
If you forget your password and lose access to your device (or delete the Binance app), you wont be able to access your wallet or its contents, Binance stated.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.