OKCoin Integrates .crypto Domains to Simplify Exchange Transactions
Unstoppable Domains, a company building blockchain domain names, has entered a partnership with cryptocurrency exchange, OKCoin. This collaboration will grant OKCoin’s users the ability to simplify deposits and withdrawals within the regulated fiat-focused crypto-asset exchange.
Unlike with traditional domain registration, Unstoppable Domains are tied to a specific wallet but not controlled by any centralized outfit like governments or registrars of DNS domains. The .crypto blockchain domain registry enables censorship-resistant websites and simplifies cryptocurrency payments.
Unstoppable Domains has recently teamed up with Gemini Trust Company, the cryptocurrency exchange and custodian founded by the Winklevoss twins. Engaging a qualified crypto custodian would encourage traditional domain registrars to move into blockchain with this regulated custodian option.
Speaking on the new integration, Unstoppable Domains Co-founder, Brad Kam, said: “The Unstoppable Domains integration with OKCoin will be a linchpin for exchanges to leverage human readable names as the domain standard to simplify the onboarding process for new users. We aim to deliver the most seamless and frictionless payment experience for users, akin to a decentralized Venmo.”
Blockchain Domains Are Censorship Resistant
“Unstoppable Domains greatly increases the ease to send crypto which can be difficult for new users. This is especially important when onboarding new customers, despite the maturation of the space, a key problem that persists is transferring money across exchanges. It is imperative interoperability, usability and user experience are at the forefront of the crypto ecosystem as the space forges ahead,” added Haider Rafique, CMO at OKCoin.
Blockchain domains use smart contracts that are built on top of the Ethereum network and stored inside a user’s wallet. Specifically, the .crypto domain is based on so-called non-fungible tokens (NFTs), which help assign the domains and look up the addresses. This mechanism eases up on crypto payments and ensures that these websites are resistant to censorship. For example, to send cryptocurrency, all you need to know is the recipient’s blockchain domain.
Popular Ethereum wallet app, MyEtherWallet, was the first reseller of .crypto blockchain domains, making it a domain registrar. Furthermore, Unstoppable Domains offers a Google Chrome extension and an integration with Opera browser, which claims to have counted over 200,000 domains to date.
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