India’s largest cryptocurrency exchange will use the Unstoppable Domain to create and host blockchain-based URLs despite the country’s impending Bitcoin ban.
Crypto Exchange Precaution
Unocoin, India’s largest cryptocurrency exchange, has adopted the blockchain-based Unstoppable Domain, which simplifies crypto transactions by converting blockchain addresses into human-readable web URLs.
The partnership between Unocoin and Unstoppable Domains, announced on Wednesday, is expected to lower remittance costs and simplify the transaction process for the exchange’s 1.2 million users.
Unstoppable Domain transforms crypto addresses into decentralized websites on Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domains only need to be purchased once and then exist forever on the blockchain without any renewal or maintenance fees.
The decentralized aspect of Unstoppable Domain has been of particular interest to Indian crypto users, especially amid the turmoil created by the Ministry of Finance’s decision to ban the use of Bitcoin (BTC) and other cryptocurrencies.
Brad Kam, co-founder of Unstoppable Domains, highlighted the Indian government’s reluctance to allow the cryptocurrency to spread within its borders.
On Wednesday, Shaktikanta Das, Governor of the Central Bank of India, reiterated the central bank’s intention to create its own central currency, the digital rupee.