Binance launched an invite-only Web3 social media app on the iOS store to poor reviews. Despite some initial excitement about its release, the exchange’s CEO, Changpeng Zhao (CZ), clarified its limited use case.
CZ said the app would mainly be used for internal communications and is unrelated to what Binance will announce at its Blockchain Week starting Wednesday. The app uses infrastructure developed by CyberConnect to allow the limited user base to network and collaborate.
Binance Web3 App Launches on iOS
The Binance messenger app will initially be available to iOS users and later to Android phones. On the iOS store, the app has one star from one rating so far.
CyberConnect is one of the largest Web3 social media platforms that allows users to build applications using account abstraction methods. Account abstraction uses smart contracts to enhance a user’s decentralized Web3 identity, which developers can then incorporate into applications that allow interactions between users.
Read more: Is Account Abstraction Secure? A Guide to Mitigating Risk
Binance’s Blockchain Week, set to take place in Istanbul from Nov. 8 – Nov. 9, is focused on the future of Web3 technologies. Over 2,000 Web3 enthusiasts from around the world will be attending the exchange’s flagship event.
Read more: A Beginner’s One-Stop-Shop for Web3 Project Ideas
The conference location, Istanbul, has a large crypto following. By hosting the event there, Binance could boost trading volumes stung by recent lawsuits and regional exits.
App May Target Key Stakeholders
Binance’s new app may be used to woo large investors and partners with exclusive services. Last year, the exchange rolled out a platform to enable VIP users to interact with key account managers and other Binance employees.
According to a lawsuit filed by the US Commodity Futures Trading Commission, Binance allegedly allowed big US market-makers to access its over-the-counter derivatives trading desk, against US laws. The lawsuit has not yet been settled, which could mean the exchange is still doing business with these companies.
Despite a decline in overall trading volumes, Binance still accounts for most of the direct-to-customer derivatives trading, according to CCData’s September report.
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