Coinbase is Giving Away ENS Usernames to Make Crypto Wallet Transfer Easier

Coinbase Cryptocurrency NFT Non-fungible tokens Wallet Web3

Journalist

Sead Fadilpašić

Journalist

Sead Fadilpašić

About Author

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

Author Profile

Share

Copied

Last updated: 

October 23, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Major crypto exchange Coinbase has announced that it’s been working with decentralized identity infrastructure provider Ethereum Name Service (ENS) to offer Coinbase-managed web3 usernames free to users – enabling them to use that username instead of a traditional address to send and receive crypto.

Per the exchange’s announcement, to make transferring crypto or non-fungible tokens (NFTs) easier and less intimidating, they worked with ENS to enable users to claim “name.cb.id” usernames via Coinbase wallet’s browser extension.

Coinbase added that,

“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

The exchange’s FAQ page explains that a Coinbase username is a decentralized form of ID that allows a person to personalize their wallet address. It is a “subdomain” tied to Coinbase’s Domain Name System (DNS) domain (cb.id), which is also registered under the ENS protocol, they said.

ENS usernames contain human-readable names with a ‘.eth’ at the end (username.eth), while Coinbase’s usernames are ENS subdomains that contain a ‘.cb.id’ at the end (username.cb.id).

The exchange argues that, in order to have an open financial system, people “from all walks of life” need to be able to use web3, and “fostering adoption of a human-readable username standard” is vital for making web3 user-friendly for all.

Unlike web2, says the exchange, web3 is trutless and decentralized. While gaps in web2 can be clearly seen during, for example, a data breach or a loss of access, web3 has “usability gaps.”

Furthermore, arguing that these “identity-related” gaps need to be filled before web3 can be used by billions across the world – with a username being only a part of an 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 expanding its identity offering.

Users can claim their usernames by clicking on the ‘Community’ tab in their Coinbase wallet extensions, selecting ‘Claim for free, and then following the prompts. New users need to create a wallet first.

Once created, the username will give the person access to a profile associated with that username, Coinbase said.

____

Learn more: 
– An Ethereum Name Service Domain Sells For USD 345,000 Amid Market Crash
– Ethereum Name Service Token, ENS, Soars on First Day of Trading

– Ethereum Name Service to Pass Governance Over to Community, Details ENS Airdrop
– Ethereum Name Service – What’s Human Readable Domain Name Good For?

– Coinbase Offers MakerDAO 1.5% Interest on USDC held at Prime
– Coinbase Japan Almost Doubles the Number of Tokens it Lists