Unstoppable Domains Raises $65M in Series A Funding Round
- Pantera Capital led other investors in the Unstoppable Domains’ fundraising including Coingecko, Polygon, and CoinDCX in this funding round.
Unstoppable Domains, a Web3 digital identity service provider, has announced that it raised $65 million from a series A funding round. The top investors in this funding round include Pantera Capital, Coingecko, CoinDCX, and Polygon. Previous investors such as Draper Associates and Boost VC also participated in this funding round.
Notable absentees from the previous investing round two years ago were Coinbase ventures and Protocol Labs. Following the completion of the funding round, Unstoppable Domains is now valued at approximately $1 billion. Thereby, earning the firm a “unicorn” status. Remember, any startup that attains a $1 billion valuation is said to have become a unicorn firm.
Unstoppable Domains and the Web3 Market
The company offers domains similar to non-fungible tokens (NFTs). Thus, users can get a digital identity applicable to 150 Web3 applications. These domains are more user-friendly since they can easily replace unusually long crypto wallet addresses. Such domains usually end with extensions such as; .nft; .wallet, and .crypto.
Compared with traditional domains where users have to pay yearly subscriptions, Unstoppable Domains users pay a one-time fee. Sometimes, the fee starts at a minimum of $5. Through these domains, users can access over 80 crypto wallets and exchanges. They can also create their own Web3 identity and decentralized websites.
Unstoppable Domains is a partner to over 300 of the top Web3 firms such as Moonpay, Polygon, and Blockchain.com. A side benefit of these NFT domains is that it reduces vulnerability to scams. Users can host their data on the domain and reveal the one they wish to reveal.
Since it began operations three years ago, Unstoppable Domains has generated over $80 million in sales. According to the firm, 2.5 million such domains exist on its platform. Unstoppable Domains’ plan for the generated funds is to improve its product delivery and have more partners in the Web3 apps space.
Its ultimate aim is to have a fully user-controlled platform with a portable digital identity. One of Pantera Capital’s partners, Paul Veradittakit, said Pantera Capital is proud to support the Unstoppable Domains team in their quest to achieve their ultimate goal. Their goal is to redefine the decentralized identity space and revolutionize the internet from the way we know it.
After the fundraising, the company’s CEO and founder, Matt Gould, said companies have been controlling people’s identities for far too long. However, Unstoppable Domains intends to put people’s digital identities back into their grasp. He added that the time has come for people to own their internet identity, especially as the digital economy is now a massive part of our lives.
Gould expressed his happiness that investors in this fundraise share in his company’s goal of using NFT domains to onboard people into Web3 and create their personalized digital identity. Recently, Forbes named Unstoppable Domains among the top startup employers in the US.