Crypto Exchange Gate.io Releases Web3 Wallet: Review

With a massive new release by top crypto ecosystem Gate.io, cryptocurrency holders are able to merge the benefits of feature-rich trading instruments with the power of self-custody and the ultimate level of decentralization.

Gate Web3 Wallet by Gate.io kicks off: Highlights

Introduced in November 2023, Gate Web3 Wallet is aimed at setting new industry standards for noncustodial cryptocurrency services with the support of multiple blockchains.

• Gate Web3 Wallet is a noncustodial multi-chain wallet by top crypto exchange Gate.io;
• The new wallet delivers convenient asset storage and management services, including top-ups, withdrawals and on-chain transfers with no sophisticated KYC checks;
• Gate Web3 Wallet is seamlessly interoperable with a number of self-custody tools, including in-browser storages;
• It works will all mainstream Ethereum Virtual Machine (EVM) blockchains, including the likes of Ethereum (ETH), Optimism (OP), Polygon (MATIC), GateChain EVM and so on;
• The service allows users to create multiple accounts, while its security design elements allow cloud backups, reliable encryption of data and multi-factor authorization (MFA);
• The wallet lands with a built-in dApp browser and NFT store, allowing users to experience a variety of innovative dApps as well as blue-chip NFTs.
• The wallet has easy access to Gate Web3 Startup, unlocking free initial and non-initial airdrops from cutting-edge Web3 project for users.

As a result, new and existing customers of the Gate.io ecosystem are invited to move their experience in crypto beyond centralized exchanges and custodial wallets to enjoy all the benefits of cutting-edge Web3 solutions.

What is a crypto wallet?

A cryptocurrency wallet, or a crypto wallet, is a digital tool (software) that allows users to store, send and receive cryptocurrencies. Unlike traditional wallets, it does not hold physical currency but rather keeps digital information, known as private keys, which prove ownership of a digital asset. 

These keys interact with blockchain to enable secure and confidential transactions. Crypto wallets come in various forms, including software-based (online, desktop or mobile) and hardware-based (external devices). They provide the essential functionality of cryptocurrency storage and transfers, while some of them also allow conversion between various cryptocurrencies, purchasing crypto with fiat money, withdrawals to cards and bank accounts, and so on.

What is special about noncustodial wallets, or Web3 wallets?

There are a number of classifications of cryptocurrency wallets, but first, each wallet is either custodial or noncustodial. With custodial (or centralized) crypto wallets, a service provider (the wallet's team) is responsible for storing the keys on behalf of the user. As such, in case of a problem, the team is able to restore access to the wallet but, at the same time, such wallets are exposed to censorship, hacks and being suspended. The service team can control the operations this or that user performs.

With a noncustodial wallet, storage of private keys is the responsibility of the account owner. Should they lose the keys, no one is able to restore them. However, such wallets are more secure, can be activated without KYC and cannot be controlled by their teams. As such, Web3 wallets are treated as the most advanced and truly decentralized way of using cryptocurrency assets.

Introducing Gate Web3 Wallet, newbie-friendly gateway to Web3

Gate Web3 Wallet, a new-gen fully noncustodial cryptocurrency wallet, streamlines the Web3 experience for newcomers and professionals. Created by a team with a decade-long experience in building tools and infrastructure for decentralized protocols and Web3, it is set to become a major milestone for the crypto wallets segment.

With a couple of powerful tech solutions under the hood, it allows users to easily manage digital assets across multiple chains.

Gate Web3 Wallet: Basics

Released by Gate.io, a leading cryptocurrency exchange service, the Gate Web3 Wallet is a noncustodial multi-blockchain wallet that provides customers with secure and powerful tooling to access various Web3 segments. 

Working on the Gate Web3 Wallet, its team was focused on a holistic experience for its users. With nothing but the wallet, users can explore the entire Web3 world. As the wallet is fully noncustodial, Gate.io bears no responsibility for users' funds, so users can sign up without complex KYC verification or unnecessary checks that are major cryptocurrency segment bottlenecks.

Its users can create an unlimited number of accounts to easily navigate through various Web3 apps and services. This, in turn, unlocks new opportunities for portfolio management for all crypto and NFT users from various blockchain communities. Instead of switching between different services, customers can use multiple accounts simultaneously. Each of them will be associated with an independent on-chain address.

Gate Web3 Wallet: Various chains, various products

The new wallet is among the first noncustodial services to offer its customers the opportunity to work with a plethora of blockchains based on Ethereum Virtual Machine, EVM, which is the dominant decentralized computations instrument in the dApps segment. 

Gate Web3 Wallet seamlessly (without bridges, synthetic assets, wrapping and so on) supports operations on L1 blockchains Ethereum (ETH), Cronos (CRO), BNB Smart Chain (BSC), Ethereum Classic (ETC), the largest L2 solutions Polygon (MATIC) and Optimism (OP),  high-performance EVM blockchains of the new generation, including the likes of GateChain EVM (GT), Huobi Ecosystem Chain (HECO) and even OKT Chain (OKTC), which is built on top of Wasm and merges the benefits of the Ethereum (ETH) and Cosmos (ATOM) ecosystems.

In total, the wallet works with over 300 tokens and thousands of NFTs. Also, it is seamlessly compatible with multiple platforms and devices, including web interfaces, mobile apps and browser extensions, which means users can access their funds from any device.

Gate Web3 Wallet: Industry-leading security

As cryptocurrency hacks are on fire in 2023, Gate Web3 Wallet developers equipped their brainchild with the latest security instruments. First of all, it received a cutting-edge backup mechanism. Users can choose to back up multiple accounts using Gate Web3 Wallet's robust and secure cloud backup function. When users change devices, they can enter the cloud backup password to restore all data in a confidential and secure manner.

Also, Gate Web3 Wallet app leverages top-grade encryption and passwords to protect app data and access. The powerful combination of cloud backup, multi-factor authentication and other comprehensive security measures is set to protect users from losses and attacks.

The very nature of its noncustodial design is an additional layer of security: Gate Web3 Wallet does not store assets, seed phrases or private keys on behalf of users. As such, its attack surface is far less accessible for all sorts of malicious actors.

Gate Web3 Wallet: Built-in options for seamless Web3 experiences

To make the wallet experience truly holistic for all users, the Gate Web3 Wallet team integrated a number of DeFi and NFT features into its technology stack. First of all, it features a built-in dApps browser. Users can find every dApp they need and leverage Gate Web3 Wallet opportunities within GameFi, DeFi and SocialFi applications on supported blockchains.

Then, Gate Web3 Wallet’s NFT Store allows its customers to get the most out of the non-fungible token segment without leaving the wallet application.

Besides that, Gate Web3 Wallet provides seamless access to various innovative blockchain-based activities, including passive income and yield farming opportunities, cross-chain swaps and transfers. With Gate Web3 Wallet, even users with only basic crypto background can stay on the cutting edge of Web3 disruption in the global EVM ecosystem.

Gate Web3 Wallet: Exclusive airdrops and feature-rich ecosystem

With the new wallet, users can take part in regular (“initial”) and retroactive (“non-initial”) cryptocurrency airdrops. Some of the airdrops are exclusive for the customers of Gate Web3 Startup platform. All listed projects are thoroughly checked for legitimacy and credibility; both cryptos and NFTs are listed in Gate Web3 Wallet airdrops’ section.

As the wallet lists new airdrops regularly, its customers are able to become an early adopter/participant in the latest decentralized Web3 projects.

For experienced traders, the new wallet offers an intelligent GateRouting algorithm to guarantee optimal prices, slippage, and fees. Traders can swap and bridge assets across multiple blockchains. Perpetual futures DEX and earning modules are also available on Gate Web3 wallet.

Newcomers to crypto can upgrade their understanding of market processes, track upcoming airdrops and perform Web3 tasks to claim lucrative bonuses.

Wrapping up

The newly launched Gate Web3 Wallet by Gate.io is a modern and reliable noncustodial cryptocurrency wallet. It does not control users’ keys or assets and, therefore, removes the need for complex KYC checks.

The wallet supports all mainstream EVM chains and can be seamlessly integrated into decentralized applications of various types. It is equipped with a native dApp browser and non-fungible token marketplace functionality. Besides that, its security stack features multi-factor authentication tooling and a cloud backup function.