Unstoppable Domains, a leader in blockchain domains announced that it has partnered with Gemini LLC, a cryptocurrency exchange platform, to offer custody services for the former’s .crypto domains. This means, users who have purchased .crypto domains from Unstoppable can now store their addresses with Gemini Custody.
If you don’t know what blockchain domains are, here’s a simple breakdown for you:
Just like how every website has an IP address, every crypto trader has a cryptocurrency address of their own, long and complicated. To ease human use of the internet, IP addresses were replaced by domain names. Similarly, .crypto domains replace the long addresses and make it easier for someone to make crypto payments by simply typing recipientname.crypto.
The blockchain domains are linked to the user’s crypto address and are stored on his/her wallet. Since these domains are non-fungible tokens (NFTs), it is essential to have a secure custody for them, just like for cryptocurrencies. Although users can store their digital assets with themselves, many trust third party custodians to store them on their behalf.
“Gemini is always excited to support new uses for cryptocurrency and to bring more people into the crypto ecosystem. We think there’s a big opportunity for custody providers to support this asset class, and we’re proud to be the first licensed exchange and custodian to offer such a service,” said Kristen Mirabella, Principal at Gemini.
Unstoppable Domains launched blockchain domains to enable decentralized and censorship free websites. Traditional domain assets are stored by domain registrars as custodians on buyers’ behalf. But since a blockchain domain is stored on the user’s wallet, the user remains in control of his/her website and no court order can take it down.
Source: Business Wire