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The
Lowdown
Welcome to
the
Lowdown from
DN Journal - your source
for notable news and information from all
corners
of the global
domain name industry!
The Lowdown is
compiled by DN
Journal
Editor & Publisher
Ron Jackson. |
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CryptoExchange.com
Introduces Crypto Domain Escrow + Crypto to $
Conversion for Secret Brokerage Sales
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In one of our
bi-weekly domain sales reports last
month you may recall seeing three of
the top ten sales jointly credited to SecretBrokerage.com
and CryptoExchange.com
- Rake.com at $175,000, Hot.co.uk at
$99,500 and
Stretcher.com at $35,000. In addition to
being impressive sales, I noted in that report
that in each case the buyer wanted to pay with
cryptocurrency but the seller wanted to receive US
dollars. The extra
hoops that creates can derail a deal but all three
sales were completed in friction free escrow
protected transactions thanks to a
partnership SecretBrokerage (SB) |
+
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Founder Arif
Sengoren formed with Crypto Exchange. As part of
that agreement, Arif also became Senior VP
of a new Domain Division at Crypto
Exchange. |
This is the
kind of service a lot of people
have been looking for since the Covid-fueled boom in
domain and digital asset sales began a
couple of years ago. That surge resulted in a
lot of veteran domain owners who weren't
sold on crypto finding
themselves in a marketplace where
crypto-rich buyers wanted to use their preferred currency to diversify
into domains. That is where Sengoren, who is intimately familiar with
both camps, saw an opportunity to team up
with Crypto Exchange (CE) to help currency of both
kinds flow smoothly through this
increasingly busy intersection of old and
new. |
Arif
Sengoren
Founder, SecretBrokerage.com |
I've now had a
chance to circle back
around to Arif and get more details on
exactly how the service works. It
starts when a CE client who has set their sites on a
particular domain decides they also want SecretBrokerage.com's help to acquire that domain. In that
case, if the buyer wants to pay with
cryptocurrency but the seller will only
accept US $, SB pays for
the domain in dollars from their own
account, with that transaction typically
done through Escrow.com. Then,
effectively becoming the seller, SB accepts cryptocurrency
payment from the buyer through CE who also provide a
new cryptocurrency
escrow service to protect both
parties.
Arif noted,
"SecretBrokerage uses
CryptoExchange.com (CE) for our crypto
transactions and CE sends us their
clients who want to acquire domains.
Rake.com was a good example of this. The
CE client wanted Rake.com and we were able
to acquired it for them and allow
them to pay for it with
cryptocurrency."
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As
most of our readers know, crypto prices have fallen
significantly this year, so we had to wonder if that
has impacted the number of domain transactions SB
and CE are handling. Sengoren said, "No,
the price of crypto hasn't affected the volume of
transactions we do. People buy or sell domains with
crypto for several reasons. One bears repeating - Privacy
Privacy Privacy! Two, it is difficult for a lot
of people to cash out crypto. Three, taxes.
In a lot of jurisdictions using crypto to buy a
domain creates no tax on the crypto profit. Four, diversification of their assets while
keeping them digitally based. In the end, it is the
overall economy that decided how many transactions
are being done."
CryptoExchange
handles transactions involving physical
goods as well as digital assets. Their Bitcoin
Marketplace allows consumers to
buy products with bitcoin and product owners
to sell their items for cryptocurrency.
While domains have been the top sellers at
CE, watches are a strong number two,
followed by cars and real estate.
Most transactions remain private, so the few
domain sales that have been reported from
SB/CE have been made public only because
both the buyer and seller allowed the
information to be released.
You can learn
more CryptoExchange.com
and SecretBrokerage.com
on their respective websites. Also, as
someone who has never owned or used
cryptocurrency, I found the Learning
Center at CryptoExchange.com to
be a very useful resource. It covers
every aspect of cryptocurrency, including definitions
of the dozens of terms the crypto field has
spawned. |
Image
from Bigstock |
(Posted
October 12, 2022)
*****
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