Unstoppable Domains, a major provider of blockchain domains, is reaching another milestone as the Winklevoss brothers‘ Gemini exchange now offers custody of their „.crypto“ domains.
As of July 23, users can store their „.crypto“ addresses obtained through Unstoppable Domains with Gemini Custody, a tool designed to store crypto in a regulated, secure and compliant manner.
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101domain and EnCirca domain registrars are among the first users
Traditional DNS domain registrars are being chosen as the main customers of the new service. Providers such as 101domain and EnCirca will be the first resellers of the new product, Unstoppable Domains co-founder Brad Kam told Cointelegraph.
By using Gemini’s escrow services, registrars will be able to protect their blockchain assets. „They have traditional companies that don’t want to store their own domains,“ Kam added.
Tim Draper is banking on the new ‚.crypto‘ domain to replace wallet addresses
Introduced by Unstoppable Domains in October 2019, a „.crypto“ domain is a domain registration based on the Ethereum blockchain. The registry allows users to connect any crypto address to their domain, allowing uncensored domain payments and websites. Blockchain domains represent non-expendable tokens, or NFT, created at Ethereum and stored in a user’s wallet.
According to Kam, Gemini is the first exchange to provide this storage to Etoro in general. „This is excellent for companies that don’t want to store their own keys,“ the executive said. Kam explained that, along with Gemini’s escrow opportunity, .crypto domains can implement hardware wallets as a Ledger for secure storage. „A lot of people are using Ledgers for this now,“ the executive said.
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Crypto exchanges are also looking to use .crypto domains
Backed by major blockchain investor Tim Draper, Unstoppable Domains has registered over 200,000 domains to date, including domains such as Kyber.crypto, Switcheo.crypto, myetherwallet.crypto and meltemdemirors.crypto.
The domain name industry is actively implementing blockchain technology to develop the decentralized web. On July 21, leading domain registrar Verisign acquired a blockchain patent that is designed to turn traditional domains into a „blockchain user address,“ allowing them to interact with other participants on the web. Previously, the popular Opera browser became the first major browser to integrate the .crypto domain extension.