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.
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.
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 personalize their security settings by choosing owner accounts and the minimum number of transaction confirmations needed.
Users must first create a safe in order to use the BNB Chain multi-signature wallet service. Decentralized custody and management of assets across many networks, including 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 tool, makes interacting with the DeFi and web3 ecosystems easier, improving asset security and encouraging collaborative asset management.
Breach of Security on the BNB Chain
The numerous security flaws and attacks that have targeted the BNBChain network in recent years have raised concerns over the security of user assets. Among the notable events is the Vyper Copycat Exploit on BSC in July 2023, wherein cryptocurrency theft was caused by flaws in the Vyper programming language.
Furthermore, hackers took advantage of holes in the Binance (BNB) network during a significant attack in October 2022, which resulted in significant financial losses.
The theft of over $328,000 million worth of BNB (BNB) and Polygon (MATIC) tokens in September 2023 by hackers who had previously targeted the Stake casino for $41 million serves as evidence that the ecosystem needs strong security measures.
In a blog post, BNB Chain stated that with the launch of the BNB Safe{Wallet}, they hope 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 market.
