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Winklevoss-Owned Gemini Now Provides Custody for .Crypto Blockchain Domains
Gemini will offer custody on .crypto domains from Unstoppable Domains, which are based on non-fungible tokens much like cryptocurrencies.
Updated May 9, 2023, 3:10 a.m. Published Jul 23, 2020, 1:00 p.m.
Regulated U.S. cryptocurrency exchange Gemini has launched a custody service for .crypto web domains from blockchain firm Unstoppable Domains.
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- In an announcement shared with CoinDesk Thursday, Unstoppable said domain registrars will utilize Gemini's custody services when purchasing .crypto addresses for their clients through its service.
- The blockchain domains are based on non-fungible tokens (NFTs) built on top of the Ethereum network and provide access to the decentralized web.
- Sometimes called crypto collectibles, NFTs are digital tokens that can take different attributes.
- They are held by users in digital wallets, meaning they require careful custody in much in the same way as cryptocurrencies.
- The .crypto domains can also serve as human-readable addresses for accepting a variety of cryptocurrency payments, as well as sending encrypted messages over P2P networks.
- Unstoppable, which is backed by venture capital firm Draper Associates, further offers what it says are censorship-resistant websites that can't to be taken down by government authorities or traditional domain providers.
- Gemini, founded by Cameron and Tyler Winklevoss, holds New York State's BitLicense as a trust company, which means the exchange has provide crypto-related services in the jurisdiction. It's also a qualified custodian in the U.S.
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