7 October 2022
Unocoin adopts decentralized Unstoppable Domains
Despite the impending Crypto ban, Unocoin- India’s largest cryptocurrency exchange adopts the blockchain-based Unstoppable Domains, which converts blockchain addresses to human-readable web URLs and simplifies the crypto transactions. Silicon Valley investor - Tim Draper is funding the partnership between Unocoin and Unstoppable Domains. This will reduce remittance costs and simplify the transaction process of approx. 1.2 million of Unocoin’s users.
Unstoppable Domains converts Crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Hence, instead of sending coins to a 42-character blockchain address, simple URLs ending in “.crypto” and “.zil” extensions are created by Unstoppable Domains. These Domain names are to be purchased once only, and they last forever on the blockchain without any renewal or maintenance fees.
Despite the regulatory uncertainty, Sathvik Vishwanath - the co-founder and CEO of Unocoin, considers the adoption of Unstoppable Domains as being in accordance with the maturation of the Indian Crypto Industry. He also stated that the cryptocurrency space is maturing; in accordance with the industry’s growth, Unocoin desires to offer the best experience to its users. The integration of the .crypto domain is a significant step for Unocoin users and other exchanges of the country that are in search of more straightforward and user-friendly options for their users.
Brad Kam- the co-founder of Unstoppable Domains, refers to the hesitance of the Indian government for permitting the spread of cryptocurrency inside its boundaries. He further added , Unstoppable Domains is eager to deliver the seamless sending and receiving of cryptocurrency to Unocoin’s users. We aim to simplify cryptocurrency addresses and establish human-readable names as the domain standard across wallets and exchanges.
Recently, Unstoppable Domains have integrated into Cloudflare’s Distributed Web Resolver, which means any web browser can now access the .crypto URL extensions. Unstoppable Domains’ spokesperson confirmed that even if Unocoin shuts down, the addresses and URLs created through the platform will remain unaffected.