Bybit Web3 Surpasses 1 Million Wallet Users, Introduces Keyless Wallet for Unrivaled Security and Simplicity

DUBAI, UAE, Jan. 19, 2024 /PRNewswire/ -- Bybit, the world's third largest crypto exchange by volume, today announces the launch of its Keyless Wallet, a revolutionary self-custody solution redefining digital asset security and accessibility, as Bybit celebrates reaching 1 million users on our #BybitWeb3 wallet.

Built upon cutting-edge Multiparty Computation (MPC) technology, Keyless Wallet empowers users with ultimate control over their assets, eliminating the need for vulnerable private keys and third-party trust. Bybit Web3 is also planning for the next upgrade by introducing seed phrase wallet in February 2024, marking another stride in user-centric solutions.

"At Bybit, we believe Web3 holds immense potential, but complexity and security concerns remain significant barriers to entry," says Ben Zhou, co-founder and CEO of Bybit. "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. Today, we are thrilled with the overwhelming support from the Web3 community as our Bybit Web3 wallet reaches 1 million users, marking a celebratory achievement in our journey towards a more inclusive digital landscape."

Bybit's Crypto Wallet Study Underlines the Importance of Both Security and Ease of Use

As highlighted in Bybit's recent crypto wallet study, security and user-friendliness are key factors when choosing a digital asset wallet. Bybit's Keyless Wallet addresses this critical need by combining cutting-edge security with an intuitive interface.

Powered by MPC technology, Keyless Wallet eliminates the need for users to memorize or store private keys, mitigating the risk of loss and compromise. Instead, private keys are distributed and processed in secure enclaves, significantly enhancing security without sacrificing convenience.

MPC Wallets: Fortress for Your Crypto Assets

1. Keyless Convenience: Users can experience keyless convenience by leveraging MPC technology. The keys are stored in pieces in separate locations and provide top-notch security without the need for traditional mnemonics.
2. Revolutionizing Security: Users can enjoy unparalleled asset protection via Bybit Keyless Wallet.  The signature process of interacting with the Dapp will not show the complete private key, eliminating the risk of private key exposure and greatly improving the security of the private key and assets.
3. Self-Custody Empowerment: Bybit Keyless Wallets empower the users with full ownership of assets and control over their private keys, pioneering advanced crypto asset protection.

Keyless Wallet Highlights:

CertiK-Audited Security: Bybit Keyless Wallet is undergoing a rigorous security audit by CertiK, renowned for their high-caliber blockchain security evaluations.

3FA Trading Protection: Triple-layer security with Bybit account, wallet password, and mobile device authentication grants an extra layer of protection for users' valuable assets.

TEE Environment Signatures: Both client and server operate within secure Trusted Execution Environments (TEEs) for signing transactions, further bolstering security.

3FA Recovery System: A robust recovery system requiring users' Bybit account, recovery password, and personal cloud storage ensures secure account retrieval.

In the era of digitization and self-management, Bybit Keyless Wallet opens a new gateway to seamless, secure, and self-controlled digital asset management.

#Bybit #BybitWeb3 #TheCryptoArk

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 1-million wallet users, over 10 major ecosystem partners, and counting. 

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 20 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

About Bybit

Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions: the Oracle Red Bull Racing team.

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