What Is Binance Web3 Wallet? 

Prison Professors Masterclass Digital Economy: Lesson 12: Binance BNB

 Explore the world of decentralized finance with confidence and security. #PrisonProfessors #Binance #Web3 #CryptoWallet #DeFi #Blockchain #DigitalFinance #CryptoEducation

Lesson 22: What Is Binance Web3 Wallet?

Lesson Intro:

The world’s largest crypto exchange, Binance, entered into a collaboration agreement with our nonprofit, the Prison Professors Charitable Corporation. With this collaboration, we’re able to provide justice-impacted people with a great resource they can use to learn about cryptocurrency, decentralized finance (DeFi), Web3.0, Artificial Intelligence, and other topics that relate to the digital economy. The agreement is part of our nonprofit’s ongoing efforts to help people prepare for success after prison.

Some people have access to our videos, others do not. If a staff member in your prison will authorize videos, invite them to contact Prison Professors for information on how we can send DVDs with additional educational materials to help people learn–and potentially an in-person presentation in your facility.

Each lesson includes critical thinking questions and a glossary. We encourage participants to use these lessons, and to memorialize their learning path by building a profile on Prison Professors Talent. More information on how to build a personal profile at the end of this workbook.

22. What Is Binance Web3 Wallet?


  • The Binance Web3 Wallet is an innovative wallet for digital assets that combines convenience, security, and utility.
  • The wallet offers enhanced security through Multi-Party Computation (MPC) technology and a seamless user experience with access to Binance Bridge and other service providers, facilitating token swaps across different blockchain networks.
  • Users can explore the world of decentralized finance (DeFi) and decentralized applications (DApps) while also counting on dedicated 24/7 customer support.

What Is Binance Web3 Wallet?

The Binance Web3 Wallet, an integral part of the Binance app, is a user-focused cryptocurrency wallet that empowers users in the realm of decentralized finance (DeFi). 

With the Binance Web3 Wallet, users can easily access the world of blockchain and decentralized applications (DApps). The wallet provides a safe and efficient way for users to manage their digital assets, perform token swaps across different blockchain networks, earn yields, and much more.

How Does It Work?

Binance Web3 Wallet uses Multi-Party Computation (MPC) technology, which is an enhanced cryptographic security system that eliminates the need to store your private keys in a single location. The wallet uses MPC to create three “key-shares”, which are stored separately in your Web3 Wallet, cloud storage, and your device. The key-shares are also protected by your recovery password, which is solely known to you.

Key Features of the Binance Web3 Wallet

Easy to use

You can create a Binance Web3 Wallet in just a few seconds through the Binance app. Unlike other crypto wallets, with the Binance Web3 Wallet setup you don’t have to worry about seed phrases or private keys, making it much easier to use.


Seamlessly connected to Binance Bridge and other service providers, the Binance Web3 Wallet facilitates easy token swaps across different blockchain networks while also ensuring the best rates and prices. Users can also explore DApps and generate yield with just a few clicks.


The Binance Web3 Wallet offers important security features, including wrong address protection, and identification of potentially malicious smart contracts. When making transactions, the wallet will notify users when a token or blockchain carries a potential security risk. In addition, every transaction is controlled by Multi-Party Computation (MPC) technology, reducing the risk of single points of failure and ensuring the safety of your assets.


Encrypted by three “key-shares” and a recovery password exclusively known to the user, the Web3 Wallet allows complete autonomy over your assets.

Customer Support

Users can count on a 24/7 customer support service to ensure a safe and smooth experience.

How to Use the Binance Web3 Wallet

  1. Log in to your Binance account in the Binance app and go to [Wallets].
  2. Next, tap [Web3] and [Create Wallet] to get started.
  3. Note that before you can start using the Binance Web3 Wallet, you will have to back it up and set a recovery password.

How to Backup Your Binance Web3 Wallet

  1. On the Web3 Wallet initial page, tap [Back Up Now].
  2. Connect the Binance App to your cloud storage account (iCloud or Google Drive).
  3. Set a backup password and keep it safe. Binance cannot access or reset this password, so make sure you don’t lose it.
  4. Back up your key on your cloud storage.
  5. Done. Your wallet is ready to use. 

You can easily transfer funds directly from your Binance Spot and Funding Wallet to your Binance Web3 Wallet.

Further Reading

Disclaimer: The Binance Web3 Wallet is an optional product. It is your responsibility to determine if this product is suitable for you. Binance is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Web3 Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. Please carefully review the Binance Web3 Wallet Terms of Use and always do your own research.

Critical Thinking Questions

  1. How does the Multi-Party Computation (MPC) technology used in the Binance Web3 Wallet enhance the security of digital assets, and why might this be important for individuals managing their own financial resources?
  2. In what ways does the Binance Web3 Wallet provide convenience and ease of use compared to other cryptocurrency wallets, and how might this impact your willingness to use such technology for financial transactions?
  3. Discuss the potential benefits and risks of using a self-custody wallet like the Binance Web3 Wallet for managing digital assets. How can individuals ensure they are adequately protected against possible security threats?
  4. How might the integration of decentralized finance (DeFi) and decentralized applications (DApps) through the Binance Web3 Wallet empower users in managing their finances and participating in the digital economy?
  5. Considering the 24/7 customer support offered by the Binance Web3 Wallet, how important is access to reliable and continuous support when dealing with financial technologies, and what should users look for in customer support services to feel secure and confident in their financial management?

Advocacy Initiative:

We encourage participants to begin memorializing the ways they are using time in prison to prepare for success upon release. I encourage participants to create a personal profile by:

  1. Writing a simple biography
  2. Writing a daily journal to show all that you’re learning
  3. Writing book reports that memorialize the books you read
  4. Writing a release plan to show the ways you’re preparing for success upon release

These strategies helped me immensely once I got out. By using my time wisely inside, I was able to raise capital, build businesses, and succeed in ways that few people would think are possible for someone who served multiple decades in prison. Anyone can do the same—if they prepare first.

If you’d like to follow in the same footsteps, I encourage you to begin building your personal profile. Get started by sending an email message to our team at:

Prison Professors Talent
[email protected]
32565 Golden Lantern, B-1026
Dana Point, CA 92629

Our interns will accept your email invite. You may then send the interns a message such as:

Dear Interns,  

My name is xxx, and I am in prison. I would like to begin showing the strategies I am using to prepare for success upon release. Please send me a Release Plan Workbook, and any other books that will help me prepare for the job market. After receiving those workbooks, I will begin building my profile to show others how I am using my time inside to prepare for success outside.  

[Your Name]


  • Algorithm (noun): A step-by-step procedure or formula for solving a problem or performing a task.
  • Bitcoin (noun): A decentralized digital currency that uses cryptography for secure transactions on a blockchain.
  • Block (noun): A unit of data containing transaction information, which is added to a blockchain.
  • Blockchain (noun): A decentralized digital ledger that securely records transaction data across many specialized computers on the network.
  • Collision (noun): The occurrence when two different inputs produce the same hash output.
  • Cryptographic Hash Function (noun): A hash function that uses cryptographic techniques to ensure data integrity and security.
  • Data Integrity (noun): The accuracy and consistency of data over its lifecycle.
  • Deterministic (adjective): Producing the same output from the same input every time.
  • Hash (noun): The fixed-size output generated from input data using a hash function.
  • Hash Function (noun): A mathematical formula that converts input data into a fixed-size output (hash).
  • Hash Rate (noun): The measure of computational power used in cryptocurrency mining.
  • Immutability (noun): The characteristic of being unchangeable once recorded.
  • Merkle Tree (noun): A data structure used in blockchain to efficiently verify the integrity of data.
  • Mining (noun): The process of performing complex calculations to validate transactions and add them to a blockchain.
  • One-way Function (noun): A function that is easy to compute in one direction but difficult to reverse.
  • Output Size (noun): The fixed size of the hash produced by a specific hash function.
  • Preimage (noun): The original input data that is hashed to produce a specific hash.
  • Resistance (noun): The difficulty of performing a certain action, such as reversing a hash function.
  • SHA-256 (noun): A cryptographic hash function that produces a 256-bit hash, used in Bitcoin.
  • Zero (noun): The leading character in a hash that meets the difficulty criteria in Bitcoin mining.

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