Financial news

Crypto exchange platform Bybit has launched ‘Keyless Wallet’, a new self-custody solution looking to positively impact digital asset security and accessibility.

Built using Multiparty Computation (MPC) technology, the Bybit Keyless Wallet looks to empower users with enhanced control over their assets, by removing the need for more vulnerable private keys and third-party trust.

Keyless Wallet eliminates the need for users to memorise or store private keys, mitigating the risk of loss and compromise. Instead, private keys are distributed and processed in secure enclaves, significantly enhancing security.

The Bybit Keyless Wallet is currently undergoing a security audit by security-focused ranking platform CertiK, which monitors blockchain protocols and DeFi projects.

The new Bybit wallet boasts three-factor authentication, requiring users’ Bybit account, recovery password, and personal cloud storage to ensure secure account retrieval.

Bybit is also celebrating reaching 1 million users on its Bybit Web3 wallet and has plans to introduce a seed phrase wallet in February. Ben Zhou, co-founder and CEO of Bybit, commented on the developments: “At Bybit, we believe Web3 holds immense potential, but complexity and security concerns remain significant barriers to entry. Keyless Wallet is an important milestone of our Web3 vision to build a simpler, open, and equal ecosystem for everyone, where security isn’t sacrificed for convenience.

“We are also thrilled with the overwhelming support from the Web3 community as our Bybit Web3 wallet reaches one million users, marking a celebratory achievement in our journey towards a more inclusive digital landscape.”

Bybit Web3 offers a suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. The Bybit crypto exchange platform has around 20 million users globally.