Bybit Debuts Web3 Wallet, Additional Features Planned For November
- Bybit has launched a new Web3 custody wallet which will keep control of the users’ keys and other data and will also handle the security of the wallets.
- The new Bybit Wallet has been introduced as a part of Bybit Web3, “an all-in-one multi-chain platform that allows users to easily access Web3 and manage both their crypto assets and NFTs.”
- The firm will debut multiple features like Swap and airdrop and IDO management in November this year for its users.
Bybit, a Singapore-headquartered crypto exchange, has debuted a new custodial Web3 wallet with plans to onboard new users to the Web3 industry efficiently. The new wallet will allow the users of the platform to remain stress-free as the exchange will be responsible for managing the private keys and the tokens in the wallet.
The firm claims that this would help people who do not want to get too much into the technicalities of the crypto space and also want their funds to be safe as well. The new Bybit Wallet has been introduced as a part of Bybit Web3, described as “an all-in-one multi-chain platform that allows users to easily access Web3 and manage both their crypto assets and NFTs.”
“Bybit Wallet ensures the security of your digital assets, so you can freely explore and embrace the next evolution of the world wide web and its tokenized economy – without the stress of managing, storing and securing your private keys. As a custodial wallet, the Bybit Wallet safely holds your assets in custody and secures the private key to your wallet,”
said the exchage via the official blog post.
To get started, the users of the platform first need to create a Bybit Wallet. This can be done by clicking on “Connect Wallet” in the upper right corner of the firm’s Web3 platform page and select the option for the wallet. All you need to do now is click on “Create Now” to create your Bybit Wallet. This wallet can be used to access the world of decentralized finance (DeFi), non-fungible tokens and NFT marketplaces, gameFi, among other things.
A major benefit of using the wallet is cross-chain compatibility, i.e., users will also be able to transfer their holdings from one chain to another or access some features, dApps or tokens on some other chain.
In the blog post, the firm mentioned a roadmap for its venture into the Web3 space and there are several features that are still being worked upon.
“Our Web3 revolution has just begun. We will unlock more features in the future so you can experience Web3 like never before,”
said Bybit exchange.
The firm will introduce the Swap feature in November along with Initial DEX Offering (IDO) and airdrop management features which will allow users to directly collect tokens on the blockchain using automation. The newly launched custodial wallet claims to be safer as the security will be directly under the management of the crypto exchange.
Interestingly, the crypto exchange made headline recently after the Ontario Securities Commission (OSC) issued a range of penalties on Bybit and KuCoin.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
