Name Price24H (%)
Bitcoin (BTC)
$20,860.00
3.65%
Ethereum (ETH)
$1,220.73
7.69%
BNB (BNB)
$241.79
2.25%
Cardano (ADA)
$0.471121
3.27%
Bybit Wallet: What Is It & Why Do You Need It?
News

Bybit Wallet: What Is It & Why Do You Need It?

Bybit_Wallet_Explained_11zon.webp

Web3 is all the rage and if you’ve not dipped your toes into it, now’s a perfect time. With the latest launch of Bybit Web3 — your one-stop multi-chain platform — you can now accelerate your journey into Web3 and manage your crypto assets and NFTs.How is this possible? The answer lies in the Bybit Wallet

As a custodial wallet, not only is the security of your digital assets and private keys assured, but you can also delve deep into the Web3 ecosystem, exploring popular DApps worry-free!

To give you a better understanding of how it all works, we have a chat with Jeffrey Ding, Product Manager of the Bybit Wallet:

Hello Jeffrey, can you give us an introduction to the Bybit Wallet? 

As a trusted crypto exchange that prides itself on next-level reliability, credibility, and service, we aim to provide a safe and secure way for users to explore the exciting world of Web3. For beginners, it can be very overwhelming and even intimidating to get started as there are many steps required and a lot of research to be done. We wanted to create a platform and product that helps onboard users on their Web3 journey in the most seamless way possible.

That was the fundamental idea of Bybit Wallet — it allows users to safely explore the next generation of the world wide web and its tokenized economy without the stress of managing, storing and securing private keys. 

What are some of the functionalities of the Bybit Wallet?

For our first launch phase in Q4, 2022, here are Bybit Wallet’s key functionalities:

  • Bybit Web3 App and Web Version (October 2022)

  • Bybit Wallet Chrome Extension (October 2022)

  • APEX Integration (November 2022)

  • Swap (November 2022)

  • IDO Functions (December 2022)

  • Airdrop Management (December 2022)

  • NFT Asset Display (December 2022)

  • Cross-Chain Compatibility (December 2022)

We have many plans in our roadmap to constantly evolve and expand Bybit Wallet, further enhancing users’ overall Web3 experience. Stay tuned for more updates!

What’s the difference between the Bybit Wallet and a conventional crypto wallet?

For starters, the Bybit Wallet is custodial, while most other crypto wallets are non-custodial. This means that the Bybit Wallet safely holds your assets in custody and secures the private key to your wallet.

Secondly, our Bybit Web3 platform features an integrated DApp aggregator, where users can discover and find out more about various Web3 projects. This is a feature that is unique to Bybit’s platform!

Finally, we feature a content segment, with educational and insightful articles curated by Bybit Learn and Crypto Insights. This demystifies the vast Web3 space, while providing insights on up-and-coming projects. 

What makes the Bybit Wallet unique, compared to other Web3 Wallets? 

Bybit Wallet offers an easy and secure way to explore the fascinating world of Web3.

  1. Easy to UseBybit Wallet offers an easy way to access and participate in the decentralized web.
  2. Easy to Manage – Let Bybit take responsibility for storing and managing your private keys, while you concentrate on the opportunities that Web3 has to offer.
  3. Easy to Trust – Built with the same rigor, support, and security you expect from Bybit. Your personal data and assets will be safeguarded by Bybit’s industry-leading security ecosystem while you explore the ever-evolving world of DeFi, GameFi, and NFTs.  
  4. Easy to Access – One click to connect, three steps to unleash the full potential of Web3. Can’t get any easier than that.
  5. Easy to Learn – Discover Web3 and its popular projects via our knowledge library, available for beginners to advanced-level users.


What are the pros and cons of a custodial wallet vs non-custodial ones?

Custodial Wallet

Non-Custodial Wallet

Private Keys

Managed by Bybit

Managed by users

Password Storage

Integrated with Bybit account

Not required

KYC Requirements

Not required

Not required

Transaction Fees

Blockchain network fees

Blockchain network fees

Ease of Use

User-friendly

Not user-friendly

Customer Support

24/7

No

Pros and cons of custodial wallets

The major downside of custodial wallets is that you have to trust your funds and private keys to Bybit. The advantage, however, is that you get to enjoy peace of mind and convenience. You won’t have to worry about losing your private keys, and you can contact our 24/7 multilingual customer support if you need any assistance.

In most cases, custodial service providers will also require identity verification (KYC). This is not required by Bybit, so users can gain easy access to Web3.

Pros and cons of non-custodial wallets

Without a third-party guardian, non-custodial wallets offer full control over your keys and funds. In addition, non-custodial transactions tend to be faster as you don’t have to wait for withdrawal approval. Finally, without a custodian, you don’t incur extra custodial fees.

As we’ve seen, one disadvantage of using non-custodial wallets relates to accessibility and ease of use. They are usually less user-friendly and tend to pose a problem for first-time crypto holders. 

What blockchain networks are available for use on the Web3 Wallet?

For now, the Bybit Wallet only supports Ethereum. In the next one to two months, we are working to support BNB Chain, Solana, Polygon and more. Moving forward, we aim to support most public chains. 

In 30 seconds, can you explain how a user can get started with Bybit Wallet?

For our Web version, it only takes three simple steps.

Step 1: Log in or sign up for a Bybit Account

Step 2: Click the Web3 icon. If it’s your first time setting up a Web3 Wallet, we’ll automatically create an on-chain address for you.

Step 3: Enter the Web3 homepage and sail forth into the world of Web3!

As for the App version, it’s currently only available on Android. The iOS version is coming soon, so keep your eyes peeled for our official announcement!

That’s a wrap from our quick chat with Jeffrey! We hope you learned more about Bybit Web3 and the Bybit Wallet. Now, the ball is in your court. Click below to kick-start your Web3 journey and set up your Bybit Wallet today!

Bybit_Wallet_Web3_11zon.webp

Keen to learn more? Here are some additional resources to help you embark on your Web3 journey:

Explained: What is Web3.0? 

What is a Crypto Wallet?

What are Decentralized Apps (DApps) & Why Are They Used?

What is GameFi: Gamifying Your Crypto Earning Experience

Source: Bybit Blog

Newsletter

Sign up to receive awesome content in your inbox, every day.

We don’t spam!

coinmag

Cryptocurrency news, blockchain news, markets news, cryptocurrency analysis, cryptocurrencies prices.