Outside Source
The new partnership allows Cake Wallet users to use .xmr domains in their blockchain interactions.
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Blockchain domain provider Unstoppable Domains has partnered with Cake Wallet, an open-source wallet, to launch a new top-level domain specifically for Monero users, the companies announced.
Unstoppable Domains said the new .xmr domains will allow Cake Wallet and Monero (XMR) users to send and receive tokens using human-readable addresses instead of long, alphanumeric strings. The company said it expects the change to support wider adoption of Monero by simplifying the user experience.
With the partnership, Cake Wallet will support .xmr usernames on its platform, allowing users to create unique digital identities for their blockchain interactions. Users will now be able to use .xmr addresses rather than traditional, lengthy wallet addresses.
Providing Monero users with more privacy
The announcement also mentioned that .xmr domain users can manage assets and interactions across various networks, including Ethereum Virtual Machine (EVM) and non-EVM chains.
Unstoppable Domains chief operating officer Sandy Carter said in an announcement that the partnership goes beyond simplifying onboarding. Carter said:
“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 aim to help users keep their financial interactions private while reducing transaction errors, Carter added. “By bringing .xmr domains to Cake Wallet, we’re enhancing privacy, usability, and control, specifically tailored for the Monero community,” Carter said.
Related: Leaked Chainalysis video suggests Monero transactions may be traceable
Regulatory hurdles for the Monero token
Known for its privacy-focused features, XMR currently trades at around $164, with a market capitalization of over $3 billion. Despite its popularity, Monero has faced regulatory pressure, leading some major platforms to end support for XMR.
On Oct. 2, crypto exchange Kraken ended support for Monero in the European Economic Area, citing regulatory and compliance obligations.
This follows updates across jurisdictions prohibiting the use of privacy-focused crypto tokens. In the European Union, crypto asset service providers are prohibited from providing accounts for anonymous users or using privacy coins like Monero.
Japan banned anonymity-enhanced tokens in 2018, while South Korea banned privacy coins from trading platforms in 2020. In Dubai, the government prohibited the issuance and activities related to anonymity-enhanced tokens in 2023.
This article first appeared at Cointelegraph.com News
