The decentralized name-tagging system, Ethereum Network Service (ENS), has collaborated with Coinbase to increase the usage of Web3 names. According to reports, the usernames would be available to about 130 million people on iOS and Android mobile apps.
Coinbase And ENS Expands cb.id Names On Mobile Apps
Meanwhile, launching blockchain domains on the exchange will enable its users to utilize them as virtual addresses. Also, users can store, receive, and send NFTs digital currencies using the Coinbase mobile app.
ENS announced the partnership news on January 5th in a Twitter post. Another benefit of the partnership is that users can get a free Web3 domain name on their smartphones.
This will make digital wallet interactions and identification easier, as individuals can use personalized names for their wallet addresses. Coinbase users can also harmonize their digital identities on different web3 channels.
Furthermore, ENS’s partnership with the crypto exchange is a welcome development for the Web3 sector. The partnership will help to simplify digital identification by offering human-identified names.
Notably, using the company’s mobile app, most users access the Coinbase exchange on their smartphones. Introducing domain names will take the user experience further with added security.
Also read:The Twitter thread stated, “what crypto users need is mobile access to their crypto wallet using a human-readable name. Together, we can make Web3 effective and simple for all.”
Coinbase, which had a rough year in 2022 after laying off workers, has set the pace for other crypto exchanges to follow.
ENS Domains Increased In 2022
According to a recent report, ENS domains increased to an all-time high last year. In 2022, the total number of newly registered domains surpassed 2 million.
The statistical growth in 2021 alone represented a surge of 80% in the total domains that were registered and transferred. Meanwhile, blockchain domains are increasing in popularity daily, thanks to the vast number of non-cryptographic and cryptographic use cases.
Similarly, the price of blockchain names has increased over time. Last year April, the ENS domain, 555.eth, sold on the OpenSea NFT marketplace for 55.5 ETH (approximately $156,821.91).
Blockchain name is gradually changing the system of identification on Web3. Last year, Telegram introduced a similar feature where users can use usernames to sign up on the app.
Previously, users could only use the chatting app after registering a mobile number. However, Telegram’s latest update allows users to buy personalized usernames.
The customized username is part of the social media giant’s promotion of privacy and security on its platform.
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