Unstoppable Domains, a company building blockchain domain names, has entered a partnership with Gemini Trust Company, the cryptocurrency exchange and custodian founded by the Winklevoss twins. This collaboration will grant Unstoppable Domains’ users and registrars access to Gemini’s custody services to store their purchased .crypto addresses.
Unlike with traditional domain registration, custody of Unstoppable Domains’ domains is tied to a specific wallet and is not controlled by any centralized outfit like governments or registrars of DNS domains.
Engaging Gemini, however, would encourage traditional domain registrars to move into blockchain with this regulated custodian option. The qualified crypto custodian supports 18 cryptocurrencies including Bitcoin, Bitcoin Cash, Ether, Litecoin, Zcash, as well as 13 ERC-20 tokens.
The step reflects the surge in demand for custody solutions for altcoins and other tokens and not just leading cryptocurrencies. Gemini Custody also offers operational and risk management advantages over other custodians, including using “hardware security modules (HSMs), multisignature technology, and geographically distributed, access-controlled facilities.”
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Blockchain domains use smart contracts built on top of the Ethereum network and stored inside of a user’s wallet. Specifically, the .crypto domain is based on so-called non-fungible tokens (NFTs), which help assign the domains and look up the addresses. This mechanism eases up crypto payments, and also ensures that these websites are resistant to censorship. For example, to send cryptocurrency, all you need to know is the recipient’s blockchain domain.
Increased access to the decentralized web
Popular Ethereum wallet app, MyEtherWallet, was the first reseller of .crypto blockchain domains, making it a domain registrar. Unstoppable Domains also offers a Google Chrome extension and an integration with Opera browser while claims to have counted over 200,000 domains to date
Speaking on the new integration, Unstoppable Domains co-founder Brad Kam, said “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.”
“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.