Crypto Exchange Gemini, Unstoppable Domains Partner To Offer Custody Of .Crypto Blockchain Domains

Blockchain, News | July 27, 2020 By:

Crypto exchange Gemini has teamed with blockchain software firm Unstoppable Domains to provide custody services for .crypto blockchain domains.

Gemini is a crypto exchange and custodian that allows customers to buy, sell, and store digital assets. It is a New York trust company that is regulated by the New York State Department of Financial Services (NYDFS) and was founded in 2014 by Cameron and Tyler Winklevoss.

Based in San Francisco, Unstoppable Domains is using blockchain technology to build domains. The firm creates its own domain extensions (like .com or .info) and sells domains directly to consumers. The company is backed by Draper Associates and Boost VC and has received grants from the Ethereum Foundation and Zilliqa Foundation.

The partnership will enable users to store .crypto addresses purchased through Unstoppable Domains with Gemini Custody, a tool that is designed to store crypto assets in a regulated, secure and compliant manner. Blockchain domains represent non-fungible tokens, or NFTs, built on Ethereum and stored on a user’s wallet. The partners are targeting registrars of traditional DNS domains as top customers of the new service.

“Gemini is always excited to support new uses for cryptocurrency and to bring more people into the crypto ecosystem,” said Kristen Mirabella, Principal at Gemini. “By providing readable ERC-721 domains that allow for both digital asset payments and uncensorable websites, Unstoppable Domains have brought another use case for NFTs beyond crypto collectibles. We think there’s a big opportunity for custody providers to support this asset class, and we’re proud to be the first licensed exchange and custodian to offer such a service.”

The first clients of the new product are domain companies 101Domain and EnCirca, which will use Gemini’s custody services to make it easier for customers to buy blockchain domains without worrying about storing blockchain assets.

“At 101domain, we implement the highest standard of security to ensure our corporate clients’ digital assets are protected,” said Lauren Tussey, Vice President of Operations at 101domain. “Blockchain domains are a new type of domain system that businesses should be aware of. We’ve made it easy for brands to register, store, and secure blockchain domains through 101domain.com.”

Unstoppable Domains co-founder Brad Kam said that Gemini providing custody for blockchain domains is a watershed moment for blockchain domains.

“We’re extremely encouraged by this, as well as the interest from Fortune 1000 companies – several of which have already claimed domains,” Kam said. “We’re really excited by this and the interest from forward thinking domain companies like 101Domain and EnCirca.”