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HomeAltcoin NewsDomain-powered Transfers: Huobi Wallet in Unstoppable Domains Deal (UPDATED)

Domain-powered Transfers: Huobi Wallet in Unstoppable Domains Deal (UPDATED)

Huobi Group‘s multi-chain Huobi Wallet has teamed up with Unstoppable Domains, a San Francisco-based company that builds domains on blockchain networks, enabling wallet users to transfer their cryptocurrencies using .crypto domains. Besides aiding crypto adoption, say the companies, this will also enable Unstoppable Domains move into the Chinese market.
(Updated on 30 June 2020, 9:20 UTC – Updates in bold.)

Per an emailed press release, long cryptographic addresses have been “hindering mainstream crypto adoption.” And the solution to this, the companies say, is making addresses shorter and simpler – and incorporating standards. Unstopable Domains’ website claims that these domains do away with “worrying about sending to the wrong address.”

Huobi Wallet has thus announced support for .crypto blockchain domains, which means that users can type in another person’s domain – rather than a traditional address – into the send field and send them tokens.

Will Huang, the CEO of Huobi Wallet is quoted as saying that the crypto industry is “still in its infancy” and that “user experience is one of its challenges for mass adoption.” He says that this partnership will help improve user experience “by replacing cryptocurrency addresses with a human readable name.”

English spokesperson, VP of Huobi Global Markets Ciara Sun, told Our that Huobi Wallet is a decentralized wallet and users don’t have to register to access the service.

“As of now, Huobi wallet has about 650,000 uses and all of them are potential users of .crypto blockchain domain,” Sun said.

Huobi Wallet, per its website, supports bitcoin (BTC), ethereum (EHT), ethereum classic (ETC), litecoin (LTC), huobi token (HT) and the stablecoin tether (USDT), as well as other cryptocurrencies.

It also claims that no third parties are involved in management of private keys, and that these remain stay in users’ control.

Domains can be stored in Huobi Wallet, and they’ll be visible in the collectibles section, says the press release.

Besides bringing shorter addresses to the wallet, Unstoppable Domains says that this partnership also allows it to move into China, “which continues to face controversial country-wide censorship.” On the other hand, the press release states that the .crypto blockchain domain registry “enables censorship-resistant websites.”

“Huobi is one of the largest and most important companies in crypto,” Unstoppable Domains co-founder, Brad Kam, told Our.

He added,

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