Binance.US, the US affiliate of the world’s largest crypto exchange, has partnered with web3 domain name provider Unstoppable Domains to offer proprietary .BinanceUS addresses on Polygon.
The .BinanceUS domain names will be made available exclusively through the exchange’s app in the coming weeks, Unstoppable Domains said Wednesday. For the first time, Unstoppable will also issue two-digit domain names for BinanceUS customers, such as 14.BinanceUS or 23.BinanceUS. It already offers two-letter domain names.
“People can sign up for the .BinanceUS waiting list immediately and we expect to launch the domains in the coming weeks,” Sandy Carter, chief operating officer and head of business development at Unstoppable Domains, told The Block. “We don’t have a specific date at this point, but we’ll keep the community updated.”
What are web3 domain names?
Web3 domain names are registered on a blockchain network, making them decentralized and censorship resistant. They simplify the process of sending and receiving cryptocurrencies, as users can use a human-readable web3 domain name (such as yogita.crypto) instead of a long hexadecimal wallet address.
.BinanceUS domains allow the exchange’s customers to buy, sell, and send cryptocurrencies within the app. Meanwhile, Unstoppable Domains customers can use Binance.US to withdraw crypto to any Unstoppable domain, including their .crypto and .nft domains.
Over 3.4 million web3 domains have been created with Unstoppable and any of them can be used on Binance.US.
Founded in 2018, Unstoppable Domains is a multi-billion dollar company backed by investors including Pantera Capital and Coinbase Ventures. The closest competitor, Ethereum Name Service (ENS), offers .eth domain names – such as vitalik.eth – and has hit over 2.7 million domains.
.BinanceUS domain names on Polygon
While unlike ENS mints all its domain names on Ethereum, Unstoppable Domains uses Polygon. Since there are gas costs associated with Ethereum, ENS names can be costly. Unstoppable’s domain names have no gas or renewal fees, according to the website.
As for .BinanceUS domain names, those can be had for as little as $10, Carter said. While Unstoppable domains are minted on Polygon, any Unstoppable domain can be self-bridged to Ethereum if desired, according to Carter.
“This is the first time Binance.US is launching a digital identity for their community,” Nandini Maheshwari, vice president of business development at Binance.US, told The Block. “.BinanceUS domains will simplify the crypto experience for our community and allow users to take ownership of their digital identity.”
However, Binance.US is not the first company Unstoppable has partnered with for brand domains. It also partners with Polygon Labs and Blockchain.com to offer .polygon and .blockchain domain names, Carter said.
© 2023 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.
