Blockchain software firm Unstoppable Domains has teamed with Unocoin, India’s top crypto exchange, to boost the remittance market, and deliver the seamless, frictionless flow of crypto to improve UX among users.
Based in San Francisco, Unstoppable Domains is using blockchain technology to build domains. The firm creates its own domain extensions (like .com or .info) and sells domains directly to consumers. The company is backed by Draper Associates and Boost VC and has received grants from the Ethereum Foundation and Zilliqa Foundation.
Unocoin is India’s first cryptocurrency exchange. The company make it easy to buy, sell, store, use & accept bitcoin securely in India. Launched in 2013, the platform serve more than 1.5 million customers.
As part of the partnership, Unocoin will integrate .crypto blockchain domains to reduce remittance costs across India, and simultaneously simplify sending and receiving cryptocurrency. The collaboration will enable Unocoin users to transact using human-readable addresses supported by .crypto domains [ex: brad.crypto] purchased through Unstoppable Domains. The goal of the companies is to establish an improved user experience for those sending and receiving cryptocurrency payments.
“At its core, cryptocurrency is meant to allow for the cheap and efficient transfer of financial assets,” said Brad Kam, co-founder of Unstoppable Domains. “India’s population has been historically scorned from cryptocurrency. Unstoppable Domains is excited to deliver the seamless sending and receiving of cryptocurrency to Unocoin’s users. Our aim is to simplify cryptocurrency addresses, and establish human readable names as the domain standard across wallets and exchanges.”
To date, stablecoins represent the most-used currency with regard to remittances. According to a McKinsey report, cross-border transactions represent 20% of total transaction volumes in the payment’s industry, yet they generate 50% of its transaction-related revenues. With popular stablecoins like DAI and USDT supported by the .crypto domain, users have the ability to send and receive stablecoins across borders at a fraction of the current cost. In 2020, remittances fell sharply by roughly 28% due to the effect of the coronavirus pandemic. Unoicoin anticipates the partnership with Unstoppable Domains will boost the remittance market, and, in turn, contribute to economic growth, consumption, and investment.
“The cryptocurrency space is maturing,” said Sathvik Vishwanath, CEO and Co-Founder at Unocoin. “In line with the growth of the industry, Unocoin aims to offer its users the best possible experience. Integrating the .crypto domain is a significant step not only for Unocoin users, but also for additional exchanges in the country exploring simpler and more user-friendly options for their users.”
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