Unstoppable Domains integrates Monero usernames with Cake Wallet

Blockchain area supplier Unstoppable Domains has partnered with Cake Wallet, an open-source pockets, to launch a brand new top-level area particularly for Monero customers, the businesses introduced.

Unstoppable Domains mentioned the brand new .xmr domains will enable Cake Wallet and Monero (XMR) customers to ship and obtain tokens utilizing human-readable addresses as a substitute of lengthy, alphanumeric strings. The firm mentioned it expects the change to assist wider adoption of Monero by simplifying the person expertise.

With the partnership, Cake Wallet will assist .xmr usernames on its platform, permitting customers to create distinctive digital identities for his or her blockchain interactions.

Providing Monero customers with extra privateness

The announcement mentioned .xmr area customers can handle property and interactions throughout numerous networks, together with Ethereum Virtual Machine (EVM) and non-EVM chains. 

Unstoppable Domains chief working officer Sandy Carter mentioned the partnership goes past simplifying onboarding. Carter mentioned: 

“It’s about providing Monero users with the privacy and security they expect while giving them greater control over their digital identities,” 

The .xmr domains goal to assist customers preserve their monetary interactions non-public whereas lowering transaction errors, Carter mentioned. “By bringing .xmr domains to Cake Wallet, we’re enhancing privacy, usability, and control, specifically tailored for the Monero community.” 

Related: Leaked Chainalysis video suggests Monero transactions could also be traceable

Regulatory hurdles for the Monero token

Known for its privacy-focused options, XMR at the moment trades at round $164, with a market capitalization of over $3 billion. Despite its reputation, Monero has confronted regulatory stress, main some main platforms to finish assist for XMR. 

On Oct. 2, crypto change Kraken ended assist for Monero within the European Economic Area, citing regulatory and compliance obligations. 

This adopted updates throughout jurisdictions prohibiting the usage of privacy-focused crypto tokens. In the European Union, crypto asset service suppliers are prohibited from offering accounts for nameless customers or utilizing privateness cash like Monero. 

Japan banned anonymity-enhanced tokens in 2018, whereas South Korea banned privateness cash from buying and selling platforms in 2020. In Dubai, the federal government prohibited the issuance and actions associated to anonymity-enhanced tokens in 2023. 

Magazine: Bitcoin ETFs see excessive quantity, Binance delists Monero, and ARK plans staking Ether: Hodler’s Digest, Feb. 4-10