The well known exchange is the first regulated cryptocurrency exchange to offer the custody of unstoppable domains’ NFTs
The so-called unstoppable domains have landed on the Gemini exchange.
The announcement was made on the official Twitter profile of the exchange owned by the famous Winklevoss twins, where it reads:
You can now store your .crypto blockchain domains on Gemini! We are the first licensed exchange to offer custody for NFTs.
Use @unstoppableweb blockchain domains to:
Launch a decentralized website
Unstoppable previously stated that domain registrars will use Gemini’s custody services to purchase .crypto addresses for their customers.
These are blockchain domains based on non-fungible tokens (NFT) issued on the Ethereum network, and provide access to a new decentralized web.
These NFTs are held by the users themselves in digital wallets, and Gemini offers a special custody service to keep them safe.
In fact, the exchange of Cameron and Tyler Winklevoss owns a New York State BitLicense as a trust company, making it a qualified custodian in the United States. This can be especially useful for those organizations or entities that do not want to deal directly with the safe custody of these NFTs, but prefer to entrust it to a trusted custodian.
The .crypto domains have several uses, although for now the main one is to make it easier to store or use the address to receive ETHs or ERC-20 tokens like USDT, DAI, etc.
In fact they can be used instead of the classic Ethereum addresses, as “aliases”, on the wallets that support such functionality.
Another use is to allow the sending of encrypted messages through P2P networks, or to publish decentralized websites.
Unstoppable Domains, on the other hand, is a service that allows you to buy NFTs of .crypto domains, and is supported by the venture capital company Draper Associates. It also offers decentralized censorship-resistant websites, i.e. websites that cannot be closed by government authorities or traditional domain providers.