Crypto Exchange Bybit Launches Self-Custodial Keyless Wallet

Today, Bybit, one of the leading top 3 crypto exchanges by trading volume, announced the launch of its Keyless Wallet. This new feature is a self-custody solution, designed to enhance the security of digital assets while simplifying access for users. This announcement comes as Bybit celebrates a major milestone, reaching over 1 million users on their #BybitWeb3 wallet.

The Keyless Wallet, leveraging advanced Multiparty Computation (MPC) technology, gives users complete control over their assets by eliminating the need for traditional private keys and reducing dependence on third-party trust. Bybit is also preparing to launch a seed phrase wallet in February 2024, furthering its commitment to user-friendly solutions.

Ben Zhou, co-founder and CEO of Bybit, spoke about the challenges of complexity and security in the Web3 space. “Keyless Wallet is a big step in our goal to create a simpler, open, and fair ecosystem where convenience doesn’t compromise security,” he stated. “We’re excited about the strong support from the Web3 community as our Bybit Web3 wallet hits 1 million users, a key achievement in our goal of a more inclusive digital world.”

Bybit’s recent study on crypto wallets highlighted the importance of security and ease of use in choosing a digital asset wallet. The Keyless Wallet meets these needs by offering top-notch security combined with a user-friendly interface. Thanks to MPC technology, it removes the requirement for users to remember or store private keys, thus lowering the risk of loss and theft. The wallet enhances security without sacrificing ease of use.

Key Features of the Keyless Wallet are:

• MPC Technology: This allows users to enjoy keyless convenience. The keys are fragmented and stored in separate, secure locations.
• Enhanced Security: The Keyless Wallet provides strong asset protection. The interaction with Dapps doesn’t reveal the entire private key, improving the security of both the key and the assets.
• Self-Custody: Users have complete ownership and control over their assets, leading to better protection of their crypto assets.

Other Highlights are:

• CertiK Security Audit: The Keyless Wallet is undergoing a thorough security audit by CertiK, a leader in blockchain security.
• 3FA Trading Protection: This adds a layer of security using the Bybit account, wallet password, and mobile device authentication.
• TEE Environment for Signing: Transactions are signed within secure Trusted Execution Environments, enhancing security.
• 3FA Recovery System: This robust system uses the Bybit account, a recovery password, and personal cloud storage for secure account recovery.