A Defi Wallet Linked to Your Binance Account?
I have not been using the Binance app for quite a long while and recently found out that users can now create or activate a DeFi wallet directly inside it (their account, that is). This means, being able to access some Web 3 DApps from the Binance application, although not literally.
A DeFi Wallet on Binance App
This is an interesting addition to the mobile app. A DeFi wallet integrated or linked to one's Binance account. According to the description, it removes the need of having to keep seed phrases or private keys. Therefore, users have nothing to back up.
Based on the FAQs, Binance has already kept or backed up the wallet of each user who activated their DeFi wallets and should they need to restore it, they simply have to pass a Multi-Factor Authentication (MFA) verification. I would assume this includes verifying via Google Auth, OTP and email which are the common methods employed in the app.
Since there are no seed phrases provided, one does not have the ability to export the wallet into another DeFi wallet (i.e. Metamask, XDEFI, or any other wallet of their choice), which means, it can only be used inside the Binance app.
Apparently, the wallets are secured by the same security system that protects any Binance account.
How to Activate the DeFi Wallet
👉 Go to the Wallet tab on the app, under the Account Overview, scroll down, find DeFi Wallet, and click on "Activate"
Note: The wallet activation is super fast and it finishes in seconds before I can take a screenshot of the process.
Upon activation, the DeFi wallet tab is then added and users can be able to do various things as follows:
- Renaming the wallet
- Sending funds to it in a single click (you can fund it from your Binance Spot or Funding Wallet)
- Adding networks, etcetera.
On checking, the wallet currently supports Ethereum, BNB Chain, and Polygon. And the supported DApps include PancakeSwap, Venus, and ApolloX Finance.
Connecting to DApps
You can connect to any of the supported DApps from the wallet interface by tapping on the app logo.
You will then be redirected to the third-party DApp where you will be asked to agree with the disclaimer and/or Terms & Conditions warning you of the related risks.
Personal Conclusion
Binance is certainly upping its game by expanding and offering various products and services. The DeFi wallet being incorporated into the app is a way for it to keep its user base, if I may say so.
While the availability of a DeFi wallet linked to one's Binance account may sound 'good' or 'convenient' (without keys or seed phrases to keep, access to DeFi in one account), it is still not advisable to keep one's assets in it because Binance is a centralized entity. Users should always remember the golden rule: "Not your keys, not your crypto."
For infotainment only. As always, none of this is Financial or Investment advice, nor an endorsement of the product or service. Please DYOR. Info Source: Binance mobile app.
Lead image created on Canva. Logo/Screenshots from Binance app. No copyright infringement intended. 09092023/10:00ph
Posted Using LeoFinance Alpha
What!!!! The features were in Binance from long ago maybe it's more than 1 year. I have used the feature long ago. As well as I can remember we can set our previous existing wallet just by importing the seed phase also. I liked it very much because It helps to make fast transactions and we can directly deposit and withdraw between Binance and wallet without making any mistakes in case of address.
!PIZZA
For some reason, I only discovered it today, lol! And no, it didn't allow importing any seed phrase. Or perhaps you're talking about the web extension or the wallet connect? Those are different though.
!PIZZA
No. You can access yor wallet by using seed phase. I have done it earlier. 😅..
That's odd. I just activated mine this morning and there is no seed phrase. Are we talking about the same wallet though? LOL!
This is a DeFi wallet inside the Binance mobile app. Do show me a screen capture of what you are talking about please?
I just checked and I found that manual seed option isn't available there which was in the past ⏳..
Oh, thank you for clarifying that, Inti. I thought I was giving some wrong information in my post :)
No. I thought you missed the information but the truth is the feature missed. Thank God that I checked it again. All doubts were clarified. 🙂
Haha, thanks to that :) Hope you're having a great weekend?
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I also heard about connecting Binance to a platform called Catly before.
What I'm wondering is if it's really Defi since De means decentralized, and Binance is a centralized wallet. Defi was actually called decentralized because it's connected to a decentralized wallet. That's if I'm right, 😂
It is not called decentralized simply because it is connected to a non-custodial wallet. The third-party apps like PancakeSwap etc are called DeFi because no entity or intermediary is governing it. Transactions are executed through smart contracts.
!LUV
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! help(no space) to get help on Hive. InfoI never knew about it, thanks for the information. I am going to check it.
I did not too until I fiddled on the mobile app the other day :)
!PIZZA
https://twitter.com/jewellery_all/status/1700603917221126626?s=20
Updates like this are good for people and people find things easily and use them easily.
It's good you think like that. Although I would still prefer to use an external wallet for my DeFi needs :)
!PIZZA
Good.