Built on the Gnosis Safe protocol, BNB Chain offers a secure multi-signature wallet service that is available on both the BSC and opBNB networks.
The BNB Chain just unveiled BNB Safe{Wallet}, a secure multi-signature wallet service, in an attempt to increase security.
This service is now available on the opBNB and Binance Smart Chain (BSC) networks, and it is based on the Gnosis Safe protocol.
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The Multisig Safe Gnosis Wallet
Recently, the BNB Chain introduced BNB Safe{Wallet}, a multi-signature wallet service based on the Gnosis Safe protocol. The latter is a smart contract wallet that is renowned for its strong access control, complex execution logic, and top-notch security features.
BNB Chain Introduces Secure Multi-Signature Wallet Service,BNB Chain Introduces Secure Multi-Signature Wallet Service
Its unique feature, which adds an additional degree of protection, is the ability to let one or more owners handle several wallets.
With user-centric security features, BNBChain’s Safe multi-signature wallet service provides digital asset safekeeping. Users are able to personalise their security settings by choosing owner accounts and the minimum number of transaction confirmations needed.
Users must first create a Safe in order to utilise the BNB Chain multi-signature wallet service. Decentralised custody and administration of assets across many networks, including as Ethereum (ETH), zkSync, Arbitrum, BNB Smart Chain, EVM, and Ethereum Mainnet, are made possible via the protocol and platform known as Gnosis Safe.
Safe Wallet, a web3-enabled application, makes interacting with the DeFi and web3 ecosystem easier, improving asset security and encouraging collaborative asset management.
Breach of Security on the BNB Chain
Concerns over the security of user assets have been raised by the several security lapses and assaults that have targeted the BNBChain network in recent years. Among the notable events is the Vyper Copycat Exploit on BSC in July 2023, wherein bitcoin theft was caused by flaws in the Vyper programming language.
Furthermore, hackers took advantage of holes in the Binance (BNB) network during a significant assault in October 2022, which resulted in significant financial losses.
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Strong security measures are necessary throughout the ecosystem, as demonstrated by the September 2023 theft of over $328,000 million worth of BNB (BNB) and Polygon (MATIC) tokens by hackers who had previously attacked the Stake casino for $41 million.
In a blog post, BNB Chain stated that with the launch of the BNB Safe{Wallet}, the company hopes to give customers a stable and safe way to manage their digital assets, giving them piece of mind in an increasingly complicated and demanding cryptocurrency world.
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