South Korean Crypto Exchange Upbit Lists ENS, Allowing Users to Buy the Token and Register ENS Names

In addition to the token listing, users will also be able to purchase ENS names such as “bob.eth” and map them to identifiers like addresses, content hashes, and metadata.

South Korean cryptocurrency exchange Upbit has added support for the native token of the Ethereum Name Service (ENS), allowing its users to buy the digital asset using their local currency, KRW.

With the new listing, users will also be able to purchase ENS names, such as “bob.eth,” and map them to identifiers like addresses, content hashes, and metadata.

Each ENS name is unique and not interchangeable with others. The names possess characteristics similar to non-fungible tokens (NFTs) due to their uniqueness and ownership properties within the Ethereum ecosystem.

Since the introduction of ENS in May 2017 by Nick Johnson and Alex Van de Sande, both members of the Ethereum Foundation, crypto exchanges have been major participants in spearheading the adoption of the service.

In January last year, ENS published its yearly adoption report for 2022. According to the company, the year saw about 2.2 million domains created thanks to crypto exchanges embracing the service on their platforms.

The Ethereum Name Service said at the time that 2022 was the best year for the platform in terms of adoption.

This number will likely increase with the latest introduction of the service to the Korean market by Upbit. The exchange boasts a user base of 8 million, according to data from Statista.

Once purchased, the names can be utilized across various decentralized applications (dApps) and blockchain networks. They act as human-readable identifiers that simplify interactions within the decentralized ecosystem.

Additionally, ENS names can also function as Ethereum wallets. This means users can send and receive cryptocurrencies within the Ethereum ecosystem using an ENS name.

Instead of using long, complex wallet addresses, users can send funds to an ENS name, which resolves to the associated Ethereum address.

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