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Partnership with GoDaddy increases ENS price

GoDaddy, a leading web hosting and domain registration services company, announced a partnership with Ethereum Name Services, a decentralized domain registration system on Ethereum. In response to the news, the market price of the ENS token increased by 10%.

Inside release GoDaddy details that both companies are partnering to “bridge the distances between domain names and blockchain technology,” a reference to the distributed accounting technology that allows immutable information to be stored on networks such as Bitcoin or Ethereum.

The integration gives GoDaddy customers the ability to “send and receive cryptocurrency within hundreds of apps” using their domain name. The company is adding a new feature to allow its users to integrate their domain name with their ENS compatible cryptocurrency walletincluding Coinbase Wallet, MetaMask, Rainbow, Uniswap Wallet, among others.

The news was well received in the cryptocurrency market. As soon as the announcement was made, He Price of the ENS token rose from $18.25 to $20.3. The percentage increase is 11.5%.

ENS's all-time high price is $85, reached in November 2021, shortly after its launch. Spring: CoinMarketCap.

The ENS token was distributed in 2021 to users who had a domain on ENS. The main purpose is to participate in the governance and decision-making of the protocol, allowing users to influence the development and updates of the service. Additionally, it is a token that can be traded on centralized and decentralized cryptocurrency exchanges.

GoDaddy and ENS, a connection with potential

GoDaddy, based in Arizona, USA, with more than 84 million domains under its management, explains that “for more than 30 years, domains have served to establish a unique identity on the Internet for individuals and companies.”

ENS domains.
Many ENS domains end in .eth, like Vitalik Buterin's. Source: X @vitalikbuterin.

Since the advent of ENS, domains have also enabled the differentiation of cryptocurrency addressesand replaces a complex and extensive cast of characters that are difficult to remember and share. The solution to this need is ENS, “which allows domains to act as web addresses for the wallets themselves.”

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