The largest cryptocurrency exchange in India, Unocoin has adopted blockchain-based Unstoppable Domains, which simplify crypto transactions by converting blockchain addresses into human-readable website URLs.
Announced on February 24, the partnership between Unocoin and Unstoppable Domains is expected, both funded by Silicon Valley investor Tim Draper, reduce remittance costs and simplify the transaction process for the exchange’s 1.2 million users.
Unstoppable Domains converts crypto addresses on decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs that end in “.crypto” and “.zil” extensions. Domain names only need to be purchased once and then exist forever on the blockchain without requiring renewal or maintenance fees.
The decentralized aspect of Unstoppable Domains should be of particular interest to Indian cryptocurrency users, especially amid the furor created by the Ministry of Finance’s decision to ban the use of Bitcoin (BTC) and other cryptocurrencies.
Rejection of the country’s plan to ban cryptocurrencies has emerged on social media in the form of the campaign #IndiaWantsBitcoin. Despite regulatory uncertainty, Unocoin CEO and co-founder Sathvik Vishwanath sees the adoption of Unstoppable Domains as in line with the maturation of the cryptocurrency industry in India. Vishwanath said:
“The crypto space is maturing. In line with the growth of the industry, Unocoin aims to offer its users the best possible experience. The integration of the .crypto domain is an important step not only for Unocoin users, but also for additional exchanges in the country exploring simpler and user-friendly options for their users. “
Unstoppable Domains co-founder Brad Kam referenced the Indian government’s reluctance to allow the spread of cryptocurrency within its borders:
“The population of India has historically been deprived of cryptocurrencies. Unstoppable Domains is pleased to offer hassle-free sending and receiving of cryptocurrencies to Unocoin users. Our goal is to simplify crypto addresses and establish human-readable names as the domain standard in wallets and exchanges. “
On Wednesday, the Governor of the Reserve Bank of India, Shaktikanta Das, reiterated the central bank’s intention to create its own centrally issued currency – the digital rupee. This follows a common trend that has emerged in recent years as national governments attempt to control the spread of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.
As reported by Cointelegraph, Unstoppable Domains was recently integrated into Cloudflare’s Distributed Web Resolver, which means that any web browser can now access the .crypto URL extensions.
A spokesperson for Unstoppable Domains confirmed to Cointelegraph that even if Unocoin were to close in the near future, addresses and URLs created through the platform would not be affected.