Binance Launches Polygon Initiative to Attract US Customers Amidst Regulatory Scrutiny

Binance.US and Unstoppable Domains Collaborate to Offer Branded Web3 Domains

Binance.US, the U.S. arm of the world’s largest crypto exchange, has partnered with Unstoppable Domains to offer branded Web3 domains to its U.S. customers. This partnership allows Binance.US customers to create digital identities on the Polygon network using “.BinanceUS” domain names, simplifying the process of sending and receiving cryptocurrencies.

What are Web3 domains?

Web3 domains are decentralized domain names that function as digital identities. Unlike traditional alpha-numeric wallet addresses, Web3 domains are easy to remember and can be used across different cryptocurrency wallets and applications. They are minted on blockchain networks like Ethereum or Polygon, and the ownership of these domains is verified on the blockchain.

How does the partnership benefit customers?

The Binance.US and Unstoppable Domains collaboration offers several benefits to customers:

• Customers can create unique digital identities using “.BinanceUS” domain names
• Customers can use their Web3 domains on the Binance.US app to buy, sell, and transfer digital assets
• Unstoppable Domains customers can withdraw cryptocurrency to a variety of domain addresses, including “.crypto,” “.nft,” and “.x” domains, using Binance US
• Customers can purchase “.BinanceUS” domain names for as little as $10

Unlike its rival ENS, which mints all its domain names on the Ethereum blockchain, the Binance.US domain names will be created on the Polygon network. This means that users will not have to pay any gas fees associated with using the Ethereum network.

Conclusion

The Binance.US and Unstoppable Domains collaboration is a significant step towards simplifying the process of sending and receiving cryptocurrencies. The use of Web3 domains on the Polygon network offers a cost-effective alternative to traditional wallet addresses and makes the user experience more seamless.

As a result of this Binance news, the price of Binance’s native cryptocurrency, BNB, saw a gain of roughly 0.11% in the past hour. Currently, BNB is exchanging hands at $338.16 and boasts a market cap of roughly $51 billion.