Unstoppable Domains, which builds blockchain domain names, recently revealed that OkCoin would add support for blockchain domain names. OkCoin, which is a leading global exchange, will join over 40 wallets that already support .crypto domains as the universal standard during crypto transactions.
OkCoin Becomes The First Crypto Exchange
Many exchanges across the globe are taking note of OkCoin’s decision to support the .crypto blockchain domains. This milestone makes OkCoin the first crypto exchange in the world to add support. It is expected that crypto deposits and withdrawals will be conducted seamlessly by adopting this universal standard.
The integration of .crypto domains will allow users of the exchange, who are located in 184 nations, to tie a deposit address to their domain. Consequently, it will be easier to send and receive funds from the exchange.
In a recent analysis published by InTheBlock, it was discovered that over 5 million wallets were added to the Bitcoin blockchain. Additionally, 18 million wallets were created by Ethereum users in the past year. Even with a global pandemic shocking traditional markets, crypto mass adoption continues to ramp up.
Despite crypto market capitalization breaching $1 trillion this year, conducting crypto payments is still quite complex. Most people still rely on what is similar to IP addresses when conducting a simple transaction.
For the crypto markets to scale, there is a need to improve user experience and make it easy to conduct digital asset transactions.
What The Leaders Have To Say
Commenting on OkCoin’s decision, Brad Kam, the cofounder of Unstoppable Domains, said that as the bull run continued, it was important to remove any friction for new participants in the crypto sector. He added,
“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.”
According to Kam, most of the crypto is held at crypto exchanges. He noted that despite the growth of the sector, transferring funds across exchanges was still quite complex. As a result, it was important to focus on interoperability, usability, and an improved user experience as the sector evolves.
The CMO of OkCoin, Haider Rafique, also commented on the development. He said that the exchange was committed to identifying and implementing strategies that would offer their users the best experience. According to him, the solution created by unstoppable Domains made it extremely easy to send funds, which was at times complex for new users.
Rafique added,
“This is especially important when onboarding new customers where depositing and withdrawing can be daunting at first. It is critical we provide the necessary tools for users to succeed on our platform, and we believe that this partnership with Unstoppable Domains is a step in removing friction in trading and using crypto.”
Unstoppable Domains Has Been Busy
The integration with OkCoin is just one of the few developments at Unstoppable Domains. For example, the company recently integrated its services with Litewallet to strengthen wallet interoperability for 140K users.
Additionally, the company unveiled the App Catalog, which lists all apps that have integrated its service. To date, the company has registered close to 0.5 million blockchain domain names. The service is open to anybody who wishes to register a .crypto domain.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice.
This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
