In a conversation with Crypto Daily, Unstoppable Domains announced that OKCoin, a leading, fiat-focussed and regulated Crypto Exchange, is now supporting Blockchain Domain Names with immediate effect. This integration means that OKCoin becomes the first Cryptocurency Exchange to introduce this innovation, simplifying the deposit and withdrawal of assets.
IntoTheBlock, the Cryptocurrency and Blockchain market analysis firm, reported that Bitcoin and Ethereum added 5 million and 18 million new wallets respectively in the last year. Add to this the fact that the entire Crypto market cap recently touched $1 trillion in value, and you have valid pointers to a large uptake in Cryptocurrency adoption.
Up to now, users have had to deal with IP addresses, which provide yet one more barrier to mainstream adoption by the masses. User experience just has to improve.
Brad Kam, the Co-Founder of Unstoppable Domains stated:
“As the bull run continues, it is critical we are working to remove friction for the next new wave of crypto enthusiasts,”
He also went on to say:
“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.”
OKCoin users are based across 184 countries. The integration of .crypto domains will enable these users to link their deposit addresses to their domain, thereby making it easier to send value across exchanges.
The OKCoin CMO Haider Rafique commented:
“OKCoin is committed to identifying and implementing strategies to provide the best experience [for] exchange customers and Unstoppable Domains greatly increases the ease to send crypto which can be difficult for new users,”
To conclude, Tim Draper, entrepreneur and well-known exponent of Bitcoin, remarked on how easy it would now be to send Cryptoassets to a person’s .crypto name without having to worry about a public address.
Replacing long and unwieldy crypto addresses with straightforward human names should certainly help to minimise errors and can be seen as another step towards welcoming new users to a much more uncomplicated world of Cryptocurrencies.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.