The big announcement this time comes from crypto exchange Young Platform, which is launching a partnership with Freename.io. The latter is an innovative platform that enables the purchase, management and use of Web3 top and second level domains in a cost-effective manner, including the possibility of royalties.
Young Platform, on the other hand, is the Italian exchange where Bitcoin and major cryptocurrencies can be bought and sold without concerns.
Crypto partnership between Young Platform and Freename.io: the details
As anticipated, Freename.io uses Web3 top-level and second-level domains. To clarify the difference between top-level and second-level domains, let’s take the example of freename.io. The “.io” is the top-level domain (TLD) while “freename” is the second-level domain (SLD).
Whenever a new user purchases a domain on a given Top Level Domain, the TLD owner earns 50% of the value of that domain, effectively becoming a Registrar capable of generating profits.
Technically speaking, Freename.io’s Web3 domains are NFTs, non-fungible tokens that comply with the ERC-721 standard and are therefore compatible with the entire landscape of existing crypto services and applications.
Currently, Freename.io supports Polygon, Binance, Aurora and Cronos blockchains. Specifically, the integration, born from this partnership, will allow users to search for a Freename.io domain directly on Young Platform Web, evaluate the price and decide whether to purchase it.
Freename.io domains can be used to send tokens to a crypto wallet. In fact, the domain contains the information required to be able to tell the blockchain which wallet to send the tokens to.
Therefore, with the integration, it will be possible to send and receive one’s cryptocurrencies from Young Platform wallets via domains instead of wallet addresses.
Young platform and crypto as the future of the Web3
NFT domains are essential for exploring the potential of Web3. In that they have numerous functions such as that of readable and easily shared wallet address, resolver of traditional websites, domain to create and display a decentralized website, and to send blockchain-based emails and messages.
Because of these and other features, NFT domains are used to manage one’s identity on the Web3 and bring together all one’s online profiles with a simple and straightforward tool.
Freename.io fits into this context and aims to simplify users’ entry into the new decentralized phase of the Internet. A mission in line with that of Young Platform, which aims at popularizing these issues to bring greater awareness.
Blockchain and cryptocurrencies will be the beating heart of Web3, a decentralized, transparent version of the internet that values artists and content creators. As of today, we know, we are witnessing a real paradigm shift in which all the benefits of blockchain will be applied to the internet in all its aspects, from information sharing, to payments, to virtual socialization opportunities.
On the partnership, Davide Vicini said:
“We are happy to collaborate with Young Platform, a leading crypto exchange in Europe and at the forefront of the Web3 world. The integration of Web3 domains will allow Young Platform customers to be able to use their own domain as a payment address, send and receive Web3 emails and normally browse the internet with Freename domains.”
While, Young Platform CEO Andrea Ferrero concluded:
“We are happy to welcome Freename.io to our platform, offering our customers the opportunity to buy and trade Web3 domains. This partnership represents a step forward for us in making the use of cryptocurrencies and Web3 domains more accessible and user-friendly for our users.”
Young Platform as a 2022 Start Up
Young Platform, along with epiCura, the home care project, are the two winners of “Start Up of the Year 2022,” curated by the Politecnico I3P incubator. The awards to the two were presented during the annual I3P Startup Festival event, which also featured case histories, innovative products and services from all 25 startups that entered incubation during the year.
epiCura and Young Platform deserved this recognition for several reasons, but especially for their ability over time to invent and reinvent themselves, including following the needs of the market.
For example, epiCura, with its solutions is positioning itself at the center of the healthcare innovation process, while Young Platform with its crypto exchange capabilities is positioning itself in an ever-evolving sector and able to target a new generation of investors.
For this event, Young Platform represented the all-Italian crypto sector, winning the title and highlighting how cryptocurrencies are also involved in Italy when it comes to innovation.
Founded in 2018, the crypto-exchange proposed an easy way to access the crypto world, through the offer of digital products and an intense educational activity and popularization of blockchain technology and its applications.
Not only that, Young Platform is among the top three cryptocurrency trading platforms in Italy, with 36% market share and with more than 1 million users at the end of Q1 2022 alone.
After raising 3.5 million in 2021, Young Platform in 2022 closed a 16 million euro investment led by Azimut, in which a pool of investors including Banca Sella and United Ventures took part.
With the new capital, Young Platform intends to support its development plans, which include expanding its team from 41 to 110 by the end of 2022 and expanding geographically into new markets such as Spain and France.
