Binance’s new Web3 wallet has one fatal flaw

TL; DR

• There are a few features in Binance’s new self-custodial wallet that could increase the ‘convenience factor’ in the crypto space.

• The sign-up process is super easy and some of the usual Web3 features/services are included in the app.

• the wallet has one fatal flaw: Users can only create/access the wallet through the Binance app…

Full story

Imagine a sea of ​​parents sitting in a conference room.

A man in a lab coat comes in and sets up phones for each parent/subject.

He challenges them to set up a crypto wallet without help and follow these rules:

1. No squinting

2. You don’t have to hold the phone at arm’s length

3. You no longer have to grab your reading glasses from the top of your head

(See gif ).

This should be the official litmus test for determining whether a tech product is simple enough to use. and we will die on this hill.

Unfortunately for Web3 users: wallet technology isn’t here yet!

…but, in the words of Justin Bieber circa 2010 “Never say never.”

There are a few features in Binance’s new self-custodial wallet that could increase the ‘convenience factor’ in the crypto space.

For example:

• It does not require users to write down a random 12-word password

• Users can earn in-app interest and take out loans against their assets.

• It has an ‘Air Drop Zone’, where users can discover unclaimed crypto rewards that they may have missed.

The thing is, the sign-up process is super easy and some of the usual Web3 features/services are included in the app.

We love that!

…unfortunately the wallet has one fatal flaw:

• Users can only create/access the wallet through the Binance app…

  (Eeeew!)

  This means they still have to provide personal data/ID to Binance and still rely on Binance to access their crypto (highly centralized).

If we can reduce the process to:

Download mobile app → enter email address/create password → Boom! You have a wallet.

Than we could be on to something.