Coinbase to hand out ENS usernames to simplify wallet transactions

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As simplified wallet addresses become more popular within the blockchain space, crypto exchange Coinbase has integrated with Ethereum Name Service (ENS) to provide their customers with usernames to replace their traditional Coinbase crypto wallet addresses.

In a post, the exchange announced that it will be handing out “name.cb.id” usernames for free. The Coinbase Wallet browser extension allows people to claim and use their new address for their transactions. It allows users to send and receive crypto tokens using the simplified name instead of the usual 42-word alphanumeric address.

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The exchange also said in the announcement that this is a necessary step in creating a more open financial system for the world. According to Coinbase, using “human-readable” usernames is a step toward making Web3 more user-friendly. The company stressed that simplified usernames help allay the fear associated with sending tokens and non-replaceable tokens (NFTs) using traditional wallet addresses.

Besides being user-friendly, Coinbase argued that users can take advantage of the usernames in terms of a foundation to build their online identity. However, the company also acknowledged that this is only the first step and that more needs to be done on “identity-related gaps” that need to be addressed before Web3 can get billions of users on board.

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Related: Ethereum co-founder poll shows people want $100 lifetime .eth domains

Simplified wallet addresses became more popular during the bear market. In July, ENS registrations increased by 200%, totaling 126,141 registrations in one week. This happened when the average gas cost of the Ethereum network dropped to $1.57 and when the second most expensive .eth domain was sold.

Meanwhile, Nick Johnson, the founder of ENS, recently told TBEN that their team didn’t realize how valuable ENS would become when they first created it. The founder believes that users register ENS names because it helps them have a decentralized identity that works on many platforms.

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