SPACE ID, a digital identity platform, has launched Payment ID. It links centralized and Web3 applications to allow crypto transfers to any address, chain or wallet.
A Payment ID can be as simple as a name – like “jane” – which can then be mapped to CEX deposit addresses across all EVM chains, Bitcoin, and Solana. To send assets to any CEX account, a user jut needs the respective ID, like “jane@binance” or “jane@bybit”; the rest will happen automatically. This eliminates the need to double-check the address and chain for each deposit and significantly reduces the risk of losses.
“Each year, crypto users lose millions of dollars to phishing scams, copy-paste errors, and wrong chain deposits,” said Harrison Seletsky, director of business development at SPACE ID. “This makes crypto transactions cumbersome and stressful, not only for users, but also for exchanges themselves, and it shouldn’t be. Sending crypto should be easier than traditional financial rails, not harder.”
With Payment ID, we have finally found a solution to this problem, and it’s a simple one. One ID for every address, chain, and wallet. It’s as easy as Revolut or Venmo, and that’s what’s needed to bring mainstream users into web3 and retain them for the long term.”
Already integrated into MetaMask via the SPACE ID Snap, Payment ID can be manually mapped to any CEX deposit address. An automatic integration with Binance is coming soon that will allow the digital ID to be linked to all Binance deposit addresses upon login, with other CEX and web3 wallet integrations in the pipeline.
To create a Payment ID, users need a Gmail or Yahoo Mail account. SPACE ID utilizes a zkEmail solution, built on decentralized zero-knowledge (ZK) architecture, to improve the user experience. This generates a ZK proof to enable email log-in for on-chain interactions while protecting user privacy.
“Web3 is all about making payments easier, but complex blockchain addresses get in the way of that,” added Christian Montoya, network expansion product lead at MetaMask. “SPACE ID’s novel Payment ID approach makes sending money as easy as sending an email. It’s a perfect example of the kind of innovation possible with MetaMask Snaps – bringing privacy-preserving, interoperable, human-readable identities to the most popular self-custodial wallet.”