Blockchain domains maker Unstoppable Domains, backed by venture capitalist Tim Draper’s firm Draper Associates, has launched a new domain registry to boost cryptocurrency adoption.
The new registry, .crypto, is Unstoppable Domains’ follow-up to .zil, launched earlier this year. While .zil is built on the Zilliqa blockchain, .crypto is built on the Ethereum blockchain, according to an announcement Friday.
Blockchain domains help simplify cryptocurrency payments by replacing cryptocurrency addresses with human-readable names, Bradley Kam, co-founder and head of business development at Unstoppable Domains told The Block. For instance, a yourname.crypto domain would work to get paid, instead of a long cryptocurrency address.
With .crypto, users will be able to connect any cryptocurrency address to their domain, per the announcement. “.Crypto is a domain name system meant to be used for any cryptocurrency payment and with any cryptocurrency wallet,” said Matthew Gould, co-founder and CEO of Unstoppable Domains, adding: “Sending money to a .crypto domain is a way simpler user experience for the millions of cryptocurrency users that currently have to copy/paste and type in long addresses in order to transact.”
.Crypto domains are currently available for free to users who buy a .zil domain of eight characters or more, and the offer ends on Oct. 21, according to the announcement. Kam told The Block that the actual prices of the new domain will be announced on Oct. 21.
The firm's .zil "premium" domains are priced in the range of $250- $1,000, according to their website. Kam told The Block that the firm has sold over 100,000 domains to date, while .com has sold 350 million domain names. "The market is much bigger than this. We aim to get a blockchain domain to every crypto user."
Unstoppable Domains' rival, Ethereum Name Service (ENS), also helps eliminate the need to copy or type long cryptocurrency addresses. However, it only works for ethereum payments, said Kam, adding: "We are a registry, we sell our own domains, and we create tools and integrations that make domains easy to use."
Unstoppable Domains is backed by notable investors - Draper Associates and Boost VC, who invested $4 million in its Series A funding round. The Zilliqa Foundation and the Ethereum Foundation also granted the firm $40,000 and $25,000, respectively, Kam told The Block, adding that the firm is not planning to raise any more funds in the near future.
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