Bybit Launching Keyless Wallet
Bybit is launching its Keyless Wallet, providing a secure and simple solution as it celebrates 1 million Bybit web3 wallet users.
The Deets
- Keyless Wallet: A self-custody solution using Multiparty Computation (MPC) technology
- Eliminates the need for private keys, enhancing security
- Plans for a seed phrase wallet upgrade in February 2024
The Bulk
Bybit, the world's third-largest crypto exchange by volume, is launching its Keyless Walle in celebration of eclipsing 1 million web3 wallet users. This self-custody solution is built on Multiparty Computation (MPC) technology, enabling users to exercise control over their assets without the vulnerabilities of private keys or reliance on third parties.
The Keyless Wallet's design is a response to the dual demands of security and user-friendliness, two critical factors identified in Bybit's recent crypto wallet study. By employing MPC technology, the Keyless Wallet sidesteps the traditional need for memorizing or storing private keys, thus mitigating the risks associated with loss or unauthorized access.
In addition to its cutting-edge security, Bybit is also planning an upgrade with the introduction of a seed phrase wallet in February 2024.
🎤 Founder Feedback
Web3's potential is immense, but complexities and security concerns are significant barriers. Our Keyless Wallet is a milestone in our vision to create a simpler, more secure Web3 ecosystem.Ben Zhou, CEO of Bybit
🔜 What's Next?
As Bybit Web3 continues to expand and innovate, users can expect further enhancements and features, beginning with the seed phrase wallet upgrade scheduled for February 2024.
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