Web3 promises a new era of the internet where users have more control over their data, privacy, and online interactions. Experiences can vary from playing games, visiting virtual spaces in the metaverse, or simply buying and selling real or virtual assets.
Although web3 is still in its infancy, many predict a digital revolution that will transform the way we live, work and interact online, and in the process, redirect power from Big Tech back to the users.
With all the hype around the concept web3, investments into the space have been growing at a steady pace – in fact web3 startups received $7.17 billion in 2022, an increase of $4.8 billion over 2021.
Despite so, the hype around web3’s usage and adoption seem to have fallen behind. Gaining access into the web3 space has been complex and fraught with risk, creating hurdles for even tech-savvy early adopters. The opportunity today is therefore to simplify the web3 journey enough to onboard the next billion users.
Bybit is taking this task head-on with a novel approach. Headquartered in Dubai and supporting more than 10 million crypto customers around the world, Bybit has taken the bold step to solve this challenge by launching the Bybit Wallet.
The launch of the Bybit Wallet is aligned with the company’s focus and aims to emerge as the ‘Crypto Ark’ and the global ‘Gateway to Web3’.
What is a Web3 Wallet Anyway?
A web3 wallet is a software application that allows you to interact with decentralized applications (dApps) on blockchain-based networks, such as Ethereum or BNB Chain. The wallet does not store your crypto or NFTs – instead, it stores your private keys, which are like passwords that give you access to your digital assets.
This cryptographic private key also serves as a universal single sign-on for dApps – which is critical to the emerging concept of a decentralized identity. In theory, this makes anonymously navigating between different exchanges, NFT marketplaces, and games very easy.
Existing web3 wallets can often be accessed via different platforms, including desktop, mobile, and browser extensions. Some popular web3 wallets include MetaMask, Trust Wallet, and Brave Browser.
One major issue with decentralized web3 wallets is security and ease of use. These are non-custodial wallets, meaning that the user has to take responsibility for protecting the private keys. Unfortunately, many people struggle to be their own bank – either forgetting passwords, not backing up their seed phrase safely, or allowing themselves to be tricked into giving them away to a scammer.
A Fast & Simple Web3 Experience
As such, to make it easier and safer for cryptocurrency newcomers to enter the web3 space, Bybit introduced a web3-compatible custodial wallet that aims to provide users with easy access to various dApps on the Bybit Web3 Portal. Bybit’s hybrid approach has reduced the number of technical skills needed to set up your wallet and begin exploring web3 experiences.
Bybit asserts that the wallet makes it easier for newbies to explore the world of web3 because they are not individually responsible for managing private keys. Users don’t need to store or manage their private keys because the Bybit wallet stores and manages it for them.
Many experienced traders currently use a combination of hardware and software wallets. However, many consumer web3 early adopters have been trusting browser-based hot web wallets with their entire life savings. Bybit’s unique approach will surely reduce risk and improve peace of mind by removing the key management responsibility from the user.
Users of the Bybit Wallet can now easily access the decentralized web of DeFi, GameFi, and NFTs with the same anonymity as its competitors. You don’t need to provide your name or other personal ‘KYC’ details. Your identity is simply your wallet address. The wallet provides cross-chain compatibility, airdrop management and decentralized identity management. Access to the NFT marketplace and DeFi products are also in the pipeline.
Bybit Wallet represents its dedication to developing reliable products that provide institutional and ordinary investors with the exponential prospects of web3. Given recent market developments, the business has realigned around the notion that it can thrive throughout the crypto winter by creating tools that make it simple for people to access the internet of the future.
Bybit is devoted to trustworthiness, security, and education, focusing on blockchain technology and web3. We recently completed a detailed Bybit review which explores all aspects of the centralized exchange, including its commitment to sharing its proof of reserves.
Exchanging Tokens and Trading Perpetuals
The Bybit Wallet has an easy-to-use ‘Swap’ function built right in that works across both Ethereum and BNB Chain. The 0.1% Swap Fee is competitive with most DEXs and you will need to pay the network fee (gas) in ETH or BNB tokens too. There’s also a handy feature to create a ‘Watch-Only Wallet’ where you can easily monitor any other address to check the token holdings, including Asset, Price, Quantity, and Value.
But what if you want to trade in a more advanced way, with derivatives? Bybit has also integrated with the ApeX Pro decentralized exchange – a permissionless and noncustodial DEX. This includes an order book and access to the perpetual swaps market.
This novel integration allows Bybit users to easily switch between trading across centralized and decentralized markets. Since trust in traditional exchanges has dipped since the FTX saga, Bybit has provided traders with a clever alternative with a fast decentralized exchange.
In a recent interview, Bybit CEO Ben Zhou predicted that everyone would be talking more about decentralized exchanges in 2023 as some trust had been lost in centralized platforms. Zhou made it clear that DEXs will have a lot of work to do to make sure their interfaces are more user-friendly than the current status quo – and this thinking is clearly what drove his hybrid wallet approach.
The Future of Web3 Wallets
While today’s DeFi market has just a fraction of the centralized volume, 2023 looks bright for major expansion from both regular consumers and larger institutions. For this growth to happen, it is key that the space works towards a safer, simpler and more securesimpler access to its decentralized services – exchanges, NFTs, and games. As such the new hybrid wallet approach to web3 access is set to play an important role in the growth of the new internet.
Security and simplicity must go hand in hand to create a compelling web3 user experience that can cross the chasm to mass user adoption. Education will also be critical to the continued growth of web3. That is why Bybit is supporting the Web3Camp quiz-to-earn ecosystem. Focused on gamified learning experiences, the intention is to guide the next one billion users into web3. Bybit is also set to launch a secure browser plugin in early 2023. Any avid user of dApps will be particularly looking forward to this feature. If you’re looking to get started with a custodial hybrid web3 wallet, consider setting up your Bybit Wallet in just one click after signing up for a Bybit account.