TL;DR Breakdown
- India’s first crypto exchange, Unocoin, has announced support for blockchain domains with Unstoppable Domain.
- This will help Indians to send and receive cryptocurrencies easily while also reducing the cost of remittance.
Cryptocurrency exchanges in India are readily working to make the crypto experience in the country better, despite the regulatory uncertainties. In a recent press statement, Unocoin, which was the first cryptocurrency exchange in India, announced a partnership with Unstoppable Domains to support easy crypto transactions using blockchain domains (.crypto).
Per the exchange, this innovative feature will also users reduce the cost of remittance across the country.
Unocoin to streamlines crypto transactions with blockchain domains
According to the announcement, Indians can start transacting with blockchain domains on Unicoin at the moment. This development is expected to largely improve payments with digital currencies, as users no longer have to deal with long and unreadable addresses. In addition to cutting the friction with cryptocurrency payments, Unocoin added that the integration of the human-readable names would equally boost the Indian remittance market.
Reportedly, India has seen over $83 billion in remittance since 2018 and is thus, considered one of the biggest recipients of remittance around the globe. “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,” the founder of the cryptocurrency exchange, Sathvik Vishwanath, said.
On the 28th of January, OKCoin also announced support for blockchain domains on its platform. So far, more than 500,000 human-readable crypto addresses have been registered with Unstoppable Domains.
India wants crypto
This is coming at a time where proposals have been made to ban private cryptocurrencies in the country. The Reserve Bank of India (RBI) has issued several warnings that cryptos can undermine the financial stability of the economy. Exchanges and crypto-related companies in the country seek regulation of digital currencies rather than banning them.
