Unstoppable Domains, a company building blockchain domain names, has announced that Unocoin, India’s first cryptocurrency exchange, will integrate .crypto blockchain domains to reduce remittance costs across India.
It will also simultaneously simplify sending and receiving cryptocurrency. Unocoin users can transact using human-readable addresses supported by .crypto domains [ex: brad.crypto] purchased through Unstoppable Domains.
The partnership will not only boost the remittance market, but also seeks to remove friction and improve user experience for crypto users across India, the company release said.
India’s appetite for cryptocurrency is evident, as the country facilitates the highest recipient of remittances globally — totalling more than $83 billion since 2018.
With the support of cryptocurrencies, the remittance market is expected to soar in India, with cheaper, more efficient methods of sending money.
Despite the popularity of cryptocurrency across India, a forthcoming bill will prevent India’s users from using most cryptocurrencies. Joint efforts across Indian cryptocurrency exchanges urge parliament to regulate, not ban, cryptocurrency, the company said in a release.
The initiative, known as the #IndiaWantsBitcoin campaign, is seeking positive and progressive regulation of the crypto markets so cryptocurrency can flow freely.
The collaboration between Unstoppable Domains and Unocoin intends to establish an improved user experience for those sending and receiving cryptocurrency payments.
“At its core, cryptocurrency is meant to allow for the cheap and efficient transfer of financial assets,” said Unstoppable Domains Co-founder Brad Kam said.
“India’s population has been historically scorned from cryptocurrency. Unstoppable Domains is excited to deliver the seamless sending and receiving of cryptocurrency to Unocoin’s users. Our aim is to simplify cryptocurrency addresses, and establish human readable names as the domain standard across wallets and exchanges,” he added.
To date, stablecoins represent the most-used currency with regard to remittances.
According to a McKinsey report, cross-border transactions represent 20% of total transaction volumes in the payment’s industry, yet they generate 50% of its transaction-related revenues.
With popular stablecoins like DAI and USDT supported by the .crypto domain, users have the ability to send and receive stablecoins across borders at a fraction of the current cost. In 2020, remittances fell sharply by roughly 28% due to the effect of the coronavirus pandemic. Unoicoin anticipates the partnership with Unstoppable Domains will boost the remittance market, and, in turn, contribute to economic growth, consumption, and investment.
“The cryptocurrency space is maturing. In line with the growth of the industry, Unocoin aims to offer its users the best possible experience. Integrating the .crypto domain is a significant step not only for Unocoin users, but also for additional exchanges in the country exploring simpler and more user-friendly options for their users,” said Unocoin CEO and Co-Founder Sathvik Vishwanath.
Unstoppable Domains has registered nearly 500,000 blockchain domain names.