Bybit Unveils Keyless Web3 Wallet

The cryptocurrency exchange Bybit has introduced support for a keyless Web3 wallet, employing MPC technology for private key generation, according to a press release.

A recent study by the exchange highlights that security and ease of use are crucial factors when selecting a digital asset wallet.

“Bybit’s research underscores the importance of security and simplicity. MPC technology eliminates the need to remember or store private keys, reducing the risks of loss or unauthorized access,” the press release states.

The MPC wallet was audited by CertiK. The report indicates that the private key is split into two shares between the client and the exchange using homomorphic encryption.

The Bybit application employs zero-knowledge proof mechanisms to prevent the disclosure of private keys by parties, and uses TEE AWS Enclaves for additional data protection on the exchange’s side.

The wallet’s security is ensured through 3FA, utilizing a Bybit account, wallet password, and mobile device authentication.

“Web3 holds immense potential, but many users are deterred by the complexity of projects and potential security issues. 

The keyless wallet is a significant step in realizing our vision of Web3 as an open and equitable ecosystem for all, where convenience does not come at the expense of security. 

We are grateful for the support from the Web3 community, which has led to the growth of Bybit wallet users to one million,” commented Bybit co-founder and CEO Ben Zhou.

He added that in February, the platform will introduce mnemonic phrases as a backup option.

Bybit is a crypto exchange supporting spot and futures trading, options, staking, DeFi mining, NFTs, and P2P transactions.

In December 2023, users from Russia ranked first in visits to cryptocurrency exchanges Bybit, HTX, and MEXC. Russian clients accounted for 19% of Bybit’s total, 12% on MEXC, and 11% on HTX.