Major Blockchain domain provider, Unstoppable Domains hits another milestone as Gemini exchange now offers custody for its “.crypto” domains.
It already started from July 23, users can now store their “.crypto” addresses obtained through Unstoppable Domains with Gemini Custody.
Gemini is the 1st exchange to offer .crypto storage! Great for companies who don’t want to deal with private keys. Registrars @101domain & @EnCirca can offer blockchain domains and custody to their customers.@gemini @tylerwinklevoss @tylerwinklevosshttps://t.co/5YZtJ5mblj — Unstoppable Domains (@unstoppableweb) July 23, 2020
Registrars of traditional DNS domains are being targeted as top customers of the new service.
Unstoppable Domains’ co-founder Brad Kam says that providers like 101domain and EnCirca will be the first resellers of the new product.
By using Gemini’s custody services, the registrars will be able to protect their blockchain assets.
Kam adds:
“They have traditional companies that don’t want to store their own domains.”
A “.crypto” domain is a domain registry based on the Ethereum blockchain.
The registry allows users to connect any crypto address to their domain while enabling domain payments and uncensorable websites.
Blockchain domains represent non-fungible tokens built on Ethereum and stored on a user’s wallet.
According to Kam, Gemini is the first exchange to provide this storage to NFTs in general:
“This is great for companies that don’t want to store their own keys.”
Kam elaborated that, alongside Gemini’s custody opportunity, .crypto domains can deploy hardware wallets like Ledger for secure storage:
“Lots of people use Ledgers for this currently.”
Unstoppable Domains has registered over 200,000 domains to date, including domains like:
Kyber.crypto
Switcheo.crypto
myetherwallet.crypto
meltemdemirors.crypto
The domain name industry is actively deploying blockchain technology to develop decentralized web.
On July 21, major domain registry Verisign acquired a blockchain patent that turns traditional domains into a “blockchain user address,” allowing them to interact with other participants on the network.
Previously, Opera became the first major browser to integrate the .crypto domain extension.
Source: Cointelegraph | Image: Unsplash