30s Summary

Blockchain domain provider Unstoppable Domains is partnering with open-source crypto wallet Cake Wallet to launch a .xmr domain for Monero users. The domain simplifies addresses, replacing long alphanumeric sequences with usernames, simplifying transactions and enhancing privacy. The use of Monero, known for its privacy features, is restricted in places like the European Economic Area due to regulatory rules against anonymous users and privacy-enhancing coins. Despite this, Monero maintains a market cap of over $3 billion.

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Unstoppable Domains, a blockchain domain provider, is teaming up with Cake Wallet, an open-source crypto wallet, to roll out a new domain specifically for Monero users. This new .xmr domain means you won’t have to deal with lengthy, hard-to-remember alphanumeric addresses anymore. Instead, you can send and receive tokens using easy-to-read addresses. This should make the whole process much simpler and help more people start using Monero.

As part of their collaboration, Cake Wallet will now allow you to use .xmr usernames. So, you can create a unique digital identity for all your blockchain stuff, and use your .xmr address instead of the traditional long-winded wallet address.

This new .xmr domain also offers more privacy for Monero users. According to Unstoppable Domains’ COO Sandy Carter, it’s not just about making things simpler to use. It’s about giving you more control over your digital identity and guaranteeing the sort of privacy and security that Monero users expect. Carter believes that .xmr domains will help you keep your transactions private and reduce errors. Carter puts it this way: “We’re enhancing privacy, usability, and control for the Monero community by bringing .xmr domains to Cake Wallet.”

Monero, or XMR as it’s also known, is a crypto asset that’s all about privacy. Which is great, but it’s had its fair share of difficulties with the authorities. A prime example of this is when on October 2, Kraken, a major crypto exchange, stopped supporting Monero in the European Economic Area because of regulatory rules. This comes as crypto service providers in the European Union are banned from offering accounts to anonymous users or using privacy-enhancing coins like Monero.

This sort of ban isn’t new. Back in 2018, Japan banned digital tokens that enhanced anonymity. South Korea did the same thing with privacy coins in 2020. In Dubai, the government also prohibited anonymity-enhanced tokens in 2023. But despite these hurdles, Monero is still going strong with a market cap of over $3 billion.