Blockchain Domains arrive to crypto exchanges with OKCoin
Jan 27, 2021
We’re thrilled to announce that OKCoin, one of the world’s largest cryptocurrency exchanges, will now be supporting blockchain domains. This makes OKCoin the first exchange to use human-readable domain names to simplify deposits and withdrawals.
This is a huge milestone in our mission to make blockchain domains the standard across the cryptocurrency space.
Painless for new crypto users
According to the blockchain analysis firm, IntoTheBlock, Bitcoin added 5 million wallets and Ethereum added nearly 18 million wallets in the past year, a massive increase in cryptocurrency adoption and usage. However, we’re aware that crypto is not ready for these millions of new users because we still rely on antiquated methods of payments, and navigate using the equivalent of IP addresses.
With integrations like OKCoin, user experience greatly improves to seamlessly onboard new users from fiat to crypto.
Instead of someone’s first crypto transaction being an anxiety-inducing random string of letters and numbers, it will be simply sending to [YourName].crypto.
This is the first of many exchanges to leverage human-readable names as the standard method of introducing new users to cryptocurrency. We aim to deliver the most seamless and hassle-free payment experience for users, akin to a decentralized Venmo.
Simplicity for exchange users
The large majority of cryptocurrency is held on exchanges, with exchange transfers being most crypto transactions. This area has been in dire need of blockchain domains to make it a seamless experience. For example, it’s tedious to login each time you need to add funds to your account. Blockchain domains will allow exchanges like OKCoin to link their deposit addresses to their domain to make it easier to send money into the exchange. Now, you can conveniently send to [YourName].crypto whenever you want to deposit funds into your account.
Blockchain domains have already become the standard for crypto wallets, with 30+ already supporting this technology. However, exchanges are also needed in order for crypto users to avoid using long, redundant addresses entirely. It is imperative that interoperability and user experience are at the forefront of the crypto ecosystem as the space continues to grow.
According to Chainanalysis, 20% of all BTC is lost. Don’t lose yours too by sending it to the wrong address. Get [YourName].crypto today.
If you’re an App wanting to simplify your user experience, get started with an Unstoppable Domains integration by using our resolution libraries here. Once you’re done, submit your app on the Unstoppable Domains website or reach out to email@example.com.
OKCoin is a globally licensed exchange with offices in San Francisco, Malta, Hong Kong and Singapore. We are a collective of engineers, product managers, and marketers with a common passion, to help decentralize finance and level the economic playing field for everyone around the world.