Binance Launches Web 3.0 Wallet For Registered Users, OpenSea Investor Reduces Stake By 90%

Here are some of the major recent developments in the world of Crypto
Binance Launches Web 3.0 Wallet For Registered Users, OpenSea Investor Reduces Stake By 90%

Binance Launches Web 3.0 Wallet For Registered Users

The Binance Web 3.0 wallet has been launched within the primary Binance app, which is predominantly used for trading cryptocurrencies.

Cryptocurrency exchange Binance has announced the release of its new Web 3.0 wallet within the Binance App at the recent Binance Blockchain Week conference in Istanbul, Turkey. It will be accessible to all customers through the Binance mobile app, which is predominantly used for trading in cryptocurrencies.

During the launch, Binance CEO Changpeng “CZ” Zhao revealed why they launched the service. “Web 3.0 wallets represent more than just storing digital assets — they are an integral part of the Web 3.0 framework, empowering individuals with the ability for self-sovereign finance,” he said.

He added that to keep things simple, the main Binance app—which is primarily used for cryptocurrency trading—is where Binance’s Web 3.0 wallet begins. “The wallet divides a user’s private keys into three smaller pieces known as key shares using multiparty computation (MPC). Having the key shares split across three different locations mitigates the risk of the keys being compromised and reduces the vulnerability of the system,” he added.

OpenSea Investor Reduces Stake By 90%

OpenSea’s co-lead investor, Coatue Management, has reduced its investment by 90 per cent from $120 million to $13 million.

Incidentally, OpenSea had completed a $300 million Series C financing in January 2022, with Paradigm and Coatue leading the investment. The non-fungible token (NFT) platform was valued at $13.3 billion after the massive investment, which has now since dropped to $1.4 billion on paper with this recent development.

OpenSea had also announced on November 3, 2023 that in keeping with its goal to relaunch as OpenSea 2.0, it was reducing its staff by 50 per cent in the wake of a year-long decline in NFT trading activity and a resolute bear market.

Incidentally, Coatue has also reduced its investment in MoonPay, a Web 3.0 payment provider, by 90 per cent.

Ex-Cantor Executives Launch Crypto Lending Platform

Following the US approval of a spot Bitcoin exchange-traded fund (ETF), Tokenet, a new cryptocurrency lending platform, has announced that it will cater to what it anticipates being an influx of institutional clients. A group of executives that oversaw Cantor Fitzgerald, a financial services company, and joined Digital Prime Technologies, a new brokerage firm, introduced the platform.

Tokenet said on November 7, 2023 that it will enable businesses to manage collateral positions while lending and borrowing digital assets. In addition, the platform provides institutions with counterparty risk mitigation measures, much like they would in traditional finance.

Several cryptocurrency companies, including Xapo Bank, DV Chain, EDX Clearing, and Hidden Road Partners, have previously backed Digital Prime Technologies’ Tokenet platform.

James Runnels, co-founder and CEO of Digital Prime Technologies, said: “Given the current markets and regulatory headwinds, Tokenet’s launch is an important and exciting step towards establishing trust and transparency in digital asset lending.”

With the demise of lenders like Voyager Digital, Celsius Network, and BlockFi, Tokenet is the latest addition to a growing list of businesses looking to go into cryptocurrency lending.

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