Sending digital assets across different platforms is getting a much-needed simplification, thanks to a collaboration involving major crypto players. Non-custodial wallet leader MetaMask and top exchange Binance are integrating a novel cross-chain payment solution powered by zero-knowledge proofs.
The technology, dubbed Payment ID, comes from the digital identity platform SPACE ID. It leverages zkEmail technology to streamline the often cumbersome process of moving crypto assets between decentralized applications and centralized exchanges (CEXs), a common pain point for users.
MetaMask, owned by Consensys, has already incorporated the feature. Binance is set to follow suit shortly, according to SPACE ID. This integration promises a smoother user experience for transferring funds across various blockchain ecosystems.
The Payment ID system enables asset transfers between CEXs and diverse web3 applications, supporting any address, blockchain, or digital wallet. SPACE ID suggests this innovation makes crypto transfers as intuitive as using popular payment apps like Venmo or Revolut, potentially lowering the barrier for newcomers.
“Making crypto transactions easier than traditional finance is essential. Payment ID addresses this challenge head-on with a unified ID for every address, chain, and wallet. This level of simplicity, akin to Revolut or Venmo, is key to attracting and retaining mainstream users in the web3 space,” commented Harrison Seletsky, director of business development at SPACE ID.
The system works by assigning simple, human-readable payment IDs, which can be created using a standard Gmail or Yahoo account. By mapping these intuitive IDs to complex deposit addresses, the solution aims to drastically reduce costly errors like copy-paste mistakes, susceptibility to phishing, and sending funds to incorrect blockchains – issues that have led to significant user losses.
Christian Montoya, network expansion product lead at MetaMask, highlighted the user experience benefits:
“Web3 strives for effortless payments, but complex blockchain addresses hinder this goal. SPACE ID’s Payment ID ingeniously simplifies sending funds, much like sending an email. It exemplifies the innovation possible with MetaMask Snaps, introducing privacy-focused, interoperable, human-readable identities to the leading self-custodial wallet.”
Beyond the upcoming Binance integration, SPACE ID plans to extend its Payment ID solution to other prominent centralized exchanges and web3 wallets.
The platform already boasts a significant footprint in the digital identity space, managing over 6.7 million registered domains across more than 2.7 million unique owners. Its identity solutions support multiple blockchains, including Ethereum, BNB Chain, Arbitrum, and Story Protocol.