Decentralized exchange aggregator 1inch has partnered with Unstoppable Domains to help users simplify cryptocurrency payments, a move the company says could bolster adoption of DeFi products and services.
Under the partnership, 1inch Wallet users can enter “human-readable domain names” when sending cryptocurrency payments using Unstoppable’s naming service. This allows users to use customizable domain names instead of long spherical cryptocurrency wallet addresses. Like all Unstoppable Domains addresses, the wallet address will be minted on the blockchain as a non-fungible token (NFT), with no additional minting or rollover costs.
Sergej Kunz, co-founder of 1inch Network, said the partnership with Unstoppable Domains could promote greater adoption of Web 3 products and tools “User experience, security, and identity issues continue to hold back widespread adoption of Web3,” he said, and He added that the partnership “opens up opportunities to overcome these barriers by making joining Web3 more fun and engaging.”
NFT domains platform Unstoppable gets $65 million in a funding round.
The platform confirmed it will invest the money in product innovation and growth within Web3. https://t.co/4wvILOF8oW
— Cointelegraph (@Cointelegraph) July 28, 2022
As of July, Unstoppable Domains had registered 2.5 million domains and integrated with more than 150 Web 3.0 applications. The 1inch integration adds to a growing list of more than 80 wallets and exchanges that support the NFT naming service.
Unstoppable’s valuation soared to $1 billion this year after the company raised $65 million in a Series A funding round. Unstoppable’s growth has come in parallel with the rise of NFTs, putting highlighted the popularity of digital identity profiles. Ethereum Naming Services (ENS), a competitor of Unstoppable, has also seen a spike in demand with nearly 2 million domain registrations as of August. At the end of September, that number there was exceeded 2.6 million.
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