An application programming interface (API) key is a unique code used by an API to identify the calling application or user.
An API key comes in many different forms — it can be a single key or a set of multiple keys.
For instance, if Binance Academy wants to use the CoinMarketCap API, an API key will be generated by CoinMarketCap and used to authenticate the identity of Binance Academy (the API client), which is requesting API access.
With symmetric keys, the API key and secret key are usually generated by the API owner and the same secret key must be used by the API service for signature verification.
The main advantage of using asymmetric keys is the higher security of separating signature generation and verification keys.
Use multiple API keys: Having multiple keys and splitting responsibilities among them will lower security risk, as your security will not hinge on a single key with extensive permissions.

Source - https://academy.binance.com/en/articles/what-is-an-api-key-and-how-to-use-it-securely?utm_source=BinanceAcademy&utm_medium=Social&utm_campaign=Article

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