Coinbase adopts ENS integration service
Cryptocurrency exchange Coinbase is working with Ethereum Name Service (ENS) to provide a Coinbase-managed web3 username “name.cb.id” for free — allowing them to use that username instead of a traditional address to send and receive cryptocurrencies.
Through the Coinbase wallet’s browser extension, it becomes easier to transfer cryptocurrency or NFT.
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“With this feature, anyone can now claim a free “name.cb.id” web3 username to send and receive crypto (instead of using 42-character addresses), engage with others, and to use as the foundation of their web3 identity.”
🤝 Yes to ENS & yes to cb․id
We’re making web3 more accessible for everyone, so we’ve partnered with @ensdomains to create cb․id usernames, a free-to-claim web3 username!
Now available on Coinbase Wallet extension pic.twitter.com/E6X81Owq20
— Coinbase Wallet (@CoinbaseWallet) September 19, 2022
Coinbase username is a form of decentralized ID that allows a person to personalize their wallet address. This is a “subdomain” tied to Coinbase’s DNS domain (cb.id), which is also registered under the ENS protocol.
The ENS username will have ‘.eth’ at the end (username.eth), while the current Coinbase username is an ENS subdomain containing ‘.cb.id’ at the end (username.cb.id).
The application of the username standard is necessary
The exchange argues that, in order to have an open financial system, people from all walks of life can use web3, and promoting the adoption of the username standard” is important to make web3 user-friendly.
While vulnerabilities in web2 can be clearly seen, for example, a data breach or a loss of access, web3 is decentralized and has “usability gaps.”
These identity-related gaps need to be filled before web3 can be used by billions of people around the world – with usernames only part of online identity – the “convenience of web2” needs to be combined with “the privacy, security, and control of web3.”
ENS + Coinbase = 🤝
Aligned with our mission to make web3 more accessible, we partnered with @coinbase to create cb id usernames, a free-to-claim web3 username!
Existing .eth addresses can connect existing names to seamlessly transact and build out your web3 digital identity.
— ens.eth (@ensdomains) September 19, 2022
Coinbase noted that it will continue to expand its identity offering. Users can confirm the username by clicking on the “Community” tab in the Coinbase wallet extension, selecting “Claim for free”, then following the instructions.
New users need to create a wallet first. Once created, the username gives the person access to the profile associated with that username.