With the rise of crypto currencies and the growing adaptation to blockchain technology, domain names relating to this industry have skyrocketed in price. Everyday news breaks out about a new domain name being purchased for record prices, and the trend has not shown any signs of slowing down.
Recently, another domain name related to blockchain and the finance industry “VCbank.com” was sold for another record breaking price of 2000ETH, equivalent to USD920,000 based on the price of USD460/ETH as of this writing. The domain was registered all the way back in 1999 by Michael Brook in the USA and was held for nearly 20 years. Some may think that companies in the blockchain industry are spending a fortune on domain names, but the value of these names are far more important than what meets the eyes.
The value of VCbank.com lies in the acronym VC which can mean both Venture Capital and Virtual Currency. With a meaningful and catchy name holding value in both the blockchain and financial industry, it is apparent why people see the value in the name VCbank.com.
Today, the biggest tech companies in the world have also adopted to use the word “bank” in their domain names. Baidu the world’s second largest search engine registered the domain name aibank.com, Alibaba who is publicly traded on the NASDAQ uses the name mybank.cn, and Tencent the leading tech company in China registered webank.com creating a whole new domain name rush revolving around the financial tech industry.
Webank.com started the rush when it was registered back in 1999 and was sold to Tencent with a registered capital of USD600 million.
Mybank.cn was regsitred back in 2004 and sold to Alibaba in 2015 for their subsidiary Mybank, for a registered capital of USD 600 million.
Aibank.com was registered in 2002 and sold to Baidu’s AiBank in 2017 with registered capital of USD600 million.
With multi-billion dollar companies investing heavily on domain names to secure their brand presence online, the value of VCbank.com has nowhere to go but up. The company behind VCbank.com will be launching a crypto-currency related financial service platform, providing users with a convenient, cost-effective, and secure financial services to both large enterprises and daily users.