Gemini Exchange to Offer Custody of .Crypto Blockchain Domains
Unstoppable Domains announced that Gemini, a top cryptocurrency exchange and custodian, will provide custody services for .crypto blockchain domains. Starting today, users can store .crypto addresses purchased through Unstoppable Domains with Gemini Custody. Registrars of traditional DNS domains will be top customers of this service.
Domain registrars like 101domain and EnCirca will use Gemini’s custody services to make it easier for customers to buy blockchain domains without worrying about storing blockchain assets.
“At 101domain, we implement the highest standard of security to ensure our corporate clients’ digital assets are protected,” said Lauren Tussey, Vice President of Operations at 101domain. “Blockchain domains are a new type of domain system that businesses should be aware of. We’ve made it easy for brands to register, store, and secure blockchain domains through 101domain.com.”
Blockchain domains are used to access the decentralized web, and are Non-Fungible Tokens (NFTs) built on Ethereum and stored inside of a user’s wallet. This creates an opportunity for secure storage through custody services, just like with cryptocurrencies. Although it is possible for users to store their own digital assets, many users trust third-parties like cryptocurrency exchanges and custodians to store assets for them.
Gemini, which holds a BitLicense, is now the first regulated cryptocurrency exchange to offer custody for NFTs. Not only does this demonstrate the value crypto exchanges see in NFTs and blockchain domains as an asset class, but it also forges a path for traditional domain registrars to move into blockchain with this custodian option.
“Gemini is always excited to support new uses for cryptocurrency and to bring more people into the crypto ecosystem. By providing readable ERC-721 domains that allow for both digital asset payments and uncensorable websites, Unstoppable Domains have brought another use case for NFTs beyond crypto collectibles. 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,” added Kristen Mirabella, Principal at Gemini.
Unstoppable Domains co-founder, Brad Kam, added, “Gemini providing custody for blockchain domains is a watershed moment for blockchain domains. We’re extremely encouraged by this, as well as the interest from Fortune 1000 companies – several of which have already claimed domains. We’re really excited by this and the interest from forward thinking domain companies like 101Domain and EnCirca.”
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Top uses for blockchain domains are:
Cryptocurrency Payments – Sending cryptocurrency simply by typing a domain into a wallet as a destination address. Domains work for payments across 18+ wallets including Trust Wallet, Myetherwallet, Opera Wallet, and more.
Decentralized websites – Type in a blockchain domain and view websites that can only be put up and taken down by their owner. Websites work in Opera Browser for Android or by using a Chrome extension.
Decentralized Chat – Send and receive messages over an encrypted p2p network. Users control their own messages.
Unstoppable Domains recently launched an integration with Opera Browser so that .crypto domains can be typed into the Android App just like a .com domain. To date, thousands of websites have been launched on the decentralized web and Unstoppable Domains has registered over 200,000 domains.
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