SPACE ID and Enkrypt announced the integration of a new solution that significantly simplifies the process of transferring cryptocurrency between various centralized exchanges.
Payment ID Integration
The digital identity platform SPACE ID has announced the integration of its Payment ID solution with Enkrypt, a multi-chain cryptocurrency wallet developed by MyEtherWallet. This solution allows Enkrypt users to send cryptocurrency to any centralized exchange (CEX) using a simple and readable name instead of a long address.
Benefits of the New Solution
The implementation of Payment ID replaces complex 42-character deposit addresses with human-readable names, such as 'alice', which reduces the risk of errors during address copying. The solution does not require a domain name; registration with an email address is sufficient. Enkrypt has also integrated SPACE ID's SDK, allowing users to use domain names like .bnb and .crypto for seamless transfers between wallets.
Goals and Future Plans
Kosala Hemachandra, CEO of Enkrypt, noted: "Our goal from day one has been to simplify the use of cryptocurrency and web3 for everyday users." The integration with SPACE ID is a significant step towards creating a more unified crypto payment ecosystem and enhancing the user experience.
The introduction of the Payment ID solution marks a significant step in simplifying crypto transfers and reducing deposit-related errors, ultimately leading to an improved user experience in web3.
