Binance.US users will soon be able to set up decentralized domains that will serve as digital identities across the Web3 ecosystem through a new partnership with Unstoppable Domains.
The new offering will allow users to mint “.BinanceUS” domains, providing users with easily understandable names for cryptocurrency wallets to buy, sell and transfer cryptocurrency in the Binance.US app. These unique domains also serve as a digital identity across compatible Web3 services, applications and platforms.
Binance.US and Unstoppable Domains announced the launch of the service on April 26 and it will go live in May. Binance.US domains are minted on the Polygon blockchain, which allows the generation of decentralized domains without gas fees or renewal costs.
The partnership will also allow Unstoppable Domains users to use Binance.US to withdraw cryptocurrencies to various Unstoppable Domains addresses, which include .crypto, .nft and .x domains.
A statement from Binance.US Business Development Vice President Nandini Maheshwari, shared with Cointelegraph, highlighted the provision of digital identity ownership as a key factor in the partnership with Unstoppable and Polygon:
“Increasing accessibility to Web3 while maintaining a safe and secure ecosystem for customers is at the core of Binance.US’s mission.”
Unstoppable Domains will be responsible for custodying all .BinanceUS domains, which can only be created through the Binance.US app.
The decentralized domain service provider has partnered with a number of Web3, blockchain and cryptocurrency companies over the past year. This includes a partnership with Polygon to provide the ability to mint “.polygon” Web3 domains. Unstoppable also provided an avenue for 1inch Network decentralized finance (DeFi) users to send cryptocurrencies to Web3 domain addresses in November.
Unstoppable Domains and Ethereum Name Service (ENS) have seen burgeoning user numbers through 2022 and 2023 as demand for Web3 services continues to grow. American cryptocurrency exchange Coinbase tapped as its decentralized domain name partner in September 2022, providing users with free.cb.id usernames like ‘cointelegraph.cb.id’ to replace alpha-numeric cryptocurrency wallet addresses.
Update: The headline of the article was updated to reflect that Web3 domains cannot be created for free.