OKCoin Becomes First Major Exchange to Support Blockchain Domain Names
Joins 40+ Wallets in Support of .crypto Domains as Universal Standard for Crypto Transfers
Unstoppable Domains, a company building blockchain domain names, announced that OKCoin, the global, regulated fiat-focused crypto asset exchange, will add support for blockchain domain names effective immediately. Through the OKCoin integration of the .crypto blockchain domain, built by Unstoppable Domains, OKCoin will become the first cryptocurrency exchange to introduce blockchain domain names to users to simplify deposits and withdrawals within the exchange.
According to blockchain and cryptocurrency market analysis firm, IntoTheBlock, Bitcoin added 5 million wallets and Ethereum added nearly 18 million wallets in the past year, indicative of the increase in cryptocurrency adoption and usage. Although the market capitalization of cryptocurrencies topped $1 trillion in 2021, users still rely on antiquated methods of cryptocurrency payments, and navigate using the equivalent of IP addresses. As the market grows, it is paramount that usability and user experience improve in lockstep to seamlessly onboard users from fiat to crypto and across the decentralized web.
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“As the bull run continues, it is critical we are working to remove friction for the next new wave of crypto enthusiasts,” said Brad Kam, co-founder of Unstoppable Domains. “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’s integration of .crypto domains will allow OKCoin users, which span 184 countries, to tie their deposit addresses to their domain to make it easy to send money into the exchange, and across exchanges.
“OKCoin is committed to identifying and implementing strategies to provide the best experience to our customers and Unstoppable Domains greatly increases the ease to send crypto which can be difficult for new users,” said Haider Rafique, CMO at OKCoin. “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.”
Brad Kam continued, “At present, the large majority of crypto is held on exchanges. Despite the maturation of the space, a key problem that persists is transferring money across exchanges. It is imperative interoperability, usability, and user experience are at the forefront of the crypto ecosystem as the space forges ahead.”
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