MetaMask and Binance are tapping right into a newly launched cross-chain funds zero-knowledge proofs-powered resolution to simplify crypto transfers from decentralized exchanges to centralized exchanges.
Crypto trade Binance and non-custodial pockets MetaMask, owned by Consensys, will make the most of Fee ID, a zkEmail resolution launched by digital id platform SPACE ID.
Whereas MetaMask is already linked to the answer, integration with Binance will occur quickly, SPACE ID mentioned in a press launch.
With the Fee ID integration, customers can switch property between CEX platforms and web3 functions, with these enabled for any handle, chain or pockets. SPACE ID claims its resolution makes cross-chain crypto transfers as straightforward as utilizing Revolut or Venmo.
“Sending crypto should be easier than traditional financial rails, not harder. With Payment ID, we have finally found a solution to this problem, and it’s a simple one. One ID for every address, chain, and wallet. It’s as easy as Revolut or Venmo, and that’s what’s needed to bring mainstream users into web3 and retain them for the long term,” mentioned Harrison Seletsky, director of enterprise improvement at SPACE ID.
Fee ID permits for transfers to crypto exchanges resembling Binance as a result of they provide easy, human-readable fee IDs.
One can create an ID with their Gmail or Yahoo account. Mapping these to deposit addresses permits customers to keep away from losses that run into hundreds of thousands of {dollars} as a consequence of copy-paste errors, phishing scams, and deposits to the flawed chain.
Christian Montoya, community growth product lead at MetaMask, mentioned:
“Web3 is all about making payments easier, but complex blockchain addresses get in the way of that. SPACE ID’s novel Payment ID approach makes sending money as easy as sending an email. It’s a perfect example of the kind of innovation possible with MetaMask Snaps – bringing privacy-preserving, interoperable, human-readable identities to the most popular self-custodial wallet.”
In addition to upcoming Binance integration, SPACE ID is eyeing different high CEXs and web3 wallets.
The platform’s id options throughout the ecosystem embody greater than 6.7 million registered domains and over 2.7 million house owners. It helps Ethereum, BNB Chain, Arbitrum, and Story Protocol amongst different chains.
