10th Dec 2018 11:50
LONDON (Alliance News) - Minds + Machines Group Ltd said Monday it is "greatly encouraged" by the progress its .luxe domain name has been making since its November 6 launch.
The domain registry company said the "key aspects" of the ongoing development of .luxe are ensuring distribution through traditional registrar channels, broadening distribution through newly emerging blockchain channels.
Minds + Machines said it is also focussing on extending the number of blockchains integrated into .luxe beyond ethereum.
The company said it is in discussions with two further public blockchains about supporting .luxe domains. Minds + Machines expects the integration of the next two blockchains to begin in the first half of 2019.
The company said .luxe is now supported by 71 registrars, 11 of which have agreed to implement the application programming interface developed for Minds + Machines which allows.luxe names to be "easily and securely" associated to items on the ethereum blockchain by registrar customers.
"We are greatly encouraged by the progress .luxe is making. Embedding .luxe into the nascent and expanding ecosystem of blockchain related businesses is as important as generating support amongst the traditional registrar channel as we prove out the vision of creating a single naming protocol that can work both in the world wide web and within multiple blockchains," said Chief Executive Officer Toby Hall.
Minds + Machines said eight new blockchain distribution partners have joined the .luxe initiative in Asia. The company said this follows the completion of a stand-alone app that allows customers to buy .luxe names within the distribution partner's product or service.
New distribution partners to join the .luxe initiative in the Asia include China's largest blockchain media group BeeNews, BEPAL, Hillstone Partners, Math Wallet, MTC Mesh Network, Qufen, Fbee, and ChainDD.
Hall added: "From a revenue perspective, it is also good to see our initial investment into .luxe re-couped within the first four weeks of launch, and its ongoing steady contribution given our pricing and distribution strategies have been structured to discourage early speculators into the extension.
"We view this Innovation based project as highly complementary to our core cash generative domain name system based activities which are now delivering the significant and growing recurring revenues on which our business model is based. Management therefore continues to expect the company to trade in line with market expectations."
Shares in Minds + Machines were down 3.2% Monday at 6.00 pence each.
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