Using the Binance.US Web3 domain names, the exchange’s users will be able to easily transfer or buy/sell digital assets within its app.
In an interesting development, Binance.US announced its partnership with Web3 domain name provider Unstoppable Domains to offer branded domain names with Binance.US minted on the Polygon blockchain network.
In an announcement on Wednesday, April 26, Unstoppable Domains said that the .BinanceUS branded domains will be available exclusively on the exchange’s app in the coming weeks. This is for the first time that Unstoppable will issue two-digit domain names for Binance‘s customers for e.g. 15.BinanceUS. In a word with The Block, Sandy Carter, the chief operating officer and head of business development at Unstoppable Domains said:
“People can sign up for the .BinanceUS waitlist immediately and we expect to start launching the domains in the coming weeks. We don’t have a specific date as of now, but we’ll keep the community posted.”
The good thing about Web3 domain names is that they are registered on a blockchain network. This makes them completely decentralized and resistant to censorship. Using Web3 domains simplifies the process of sending and receiving digital assets. Users can leverage these Web3 domain names like xyz.crypto that is easily readable to humans.
Using the Binance.US domain names, the exchange’s users will be easily able to transfer or buy/sell digital assets within its app. On the other hand, customers of Unstoppable domains can also use Binance.US to withdraw their crypto to any Unstoppable domains including the .nft or .crypto domains.
With Unstoppable, there are more than 3.4 million Web3 domains minted so far. All of these can be used on Binance.US.
Minting .BinanceUS Domains on the Polygon Blockchain
Unstoppable Domains uses the Polygon blockchain network to mint all its domains similar to ENS minting all its domains on the Ethereum network. However, ENS names could be costly considering the high gas fee on Ethereum.
But Unstoppable Domains stated that they have no gas fees or renewal fees for that sake. Carter added that customers of Binance.US domain names will be able to purchase them for as little as $10. Although minted on the Polygon blockchain, users can bridge their self-custodied Unstoppable domain to Ethereum if preferred. Nandini Maheshwari, vice president of business development at Binance.US said:
“This is the first time Binance.US is launching a digital identity to their community. BinanceUS domains will simplify the crypto experience for our community and enable users to take ownership of their digital identities.”
Over the last year, demand for the Web3 domain addresses has grown significantly. As a result, Unstoppable Domains has partnered with a number of Web3 crypto and blockchain firms. This includes its partnership with Polygon and the ability to mint .polygon Web3 domains.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.