Binance Web3 Walllet Integrates Bitcoin and Other Networks as Market Share Falls
Binance Web3 Wallet will now support Bitcoin and other Proof of Work Wallet. Even as the exchange market share drops for the ninth consecutive month to 43.4%, it remains the dominant exchange in terms of trading volume.
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Binance has integrated Bitcoin, Bitcoin Cash, Litecoin, and Sei into its Web3 wallet. This marks the latest wallet improvement the exchange believes will make Web3 more accessible.
It disclosed the updates in a blog post. With the integration, users can now use the Binance Web3 wallet to transfer tokens from and to the networks. The Binance Web3 wallet was released on November 8 at the Binance Blockchain Week in Istanbul.
According to the exchange, it is to meet the demand for a simple, more convenient way to access and experience Web3. "Millions of Binance users can now explore and experience Web3, without the risk of losing seed phrases or struggling with complicated onboarding processes." The press release announcing the launch also lauded the several benefits of the wallet. These include its simplicity, convenience, and robust security.
The wallet already supports 37 public chains at the time of its launch. These include 24 EVM chains and 13 Cosmos chains. It also has built-in Swap routing providers such as Binance Bridge and 1inch Swap.
Binance Troubles Affect Market Share
The integrations to its Web3 wallet might allow the exchange to maintain its ever-shrinking dominance in space. With its co-founder and former CEO facing sentencing in the US and the exchange itself subject to over $4 billion in fines, users' confidence in it is at an all-time low. This has affected its dominance among crypto exchanges.
According to CCData, Binance's market share of crypto trading volume (spot and derivatives) declined to 43.4% in November. This is the 9th month of consecutive decline for the exchange. Interestingly, Binance trading volume rose 34.2% in November. This suggests that the crypto bull run generally impacts trading volumes.
Data supports this, with spot trading on centralized exchanges increasing 52.8% to $965.8 billion in November. This is the highest since March. Derivatives remain king as trading on centralized exchanges rose 37.3% to $2.58 trillion. This means that derivatives now account for 73.3% of the crypto market, a slight drop from 75.4% in October.
Meanwhile, Binance settlement in the US could also help revive it. Experts believe it signals an end to its regulatory risk and could boost users' trust in the exchange. However, the changes in market share suggest users are opting for other exchanges such as OKX, Upbit, and ByBit.
CZ Still Unable to Leave US
Former Binance boss Changpeng Zhao remains stuck in the US despite the court approving his plea deal. The judge accepted his guilty plea to money laundering and set sentencing for February 23. However, the court did not remove the travel ban placed on him.
Federal prosecutors have opposed CZ leaving the US, saying he posed a flight risk. Despite the former CEO arguing that he accepted responsibility for his actions and willingly came to the US, the prosecutors remain unconvinced.
