Coinbase, one of the world’s most popular cryptocurrency websites, has officially announced a partnership with the Ethereum Naming Service (ENS) to create unique cb.id usernames. Coinbase hopes the new partnership will increase Web3 adoption amongst its users. In fact, since the early announcement between the two companies in September, ENS registrations have significantly risen.
Coinbase and ENS team up for cb.id usernames
The new partnership between Coinbase and ENS will create unique cb.id usernames. Importantly, these are free to claim for everyone. Furthermore, to simplify the process, existing .eth addresses can easily connect their existing names to the new Coinbase ID system.
In a tweet confirming the new partnership, @ensdomains tweeted, “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.”
So, the benefit of owning a cb.id username is that users can now construct a decentralized digital Web3 identity. The partnership between Coinbase and ENS will make also Web3 more accessible for millions of Coinbase users.
The new partnership aims to solve key problems in Web3 adoption
One of the core problems in the worldwide adoption of Web3 and cryptocurrency is the 42-character addresses consisting of random numbers and letters.
This is intimidating for beginners and can cause problems if people type the address wrong during a transaction. ENS and Coinbase want to solve this by offering a simplistic personalized identification system.
ENS is hugely popular now and many argue that this is the future of blockchain addresses. Last week, Shark Tank investor Matt Higgins, brought an ENS domain for $50,000.