- Funds will be used to grow the platform’s product innovation and partnerships.
- The company has 2.5 million registered NFT domains.
- Unstoppable Domains has generated more than $80 million in sales since launching in 2019.
Web3 digital identity platform, Unstoppable Domains, today announced that it has raised $65 million in a Series A funding round led by new investor, Pantera Capital. The new funding brings the company to a valuation of $1 billion.
Other investors who participated in the round include Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, CoinGecko, We3 syndicate, Rainfall Capital, Broadhaven, EI Ventures, Hardyaka, and Alt Tab Capital, along with previous investors Boost VC and Draper Associates.
Unstoppable Domains said that funds will be used to fuel product innovation and grow its partnerships in the Web3 space
“Unstoppable Domains is rapidly defining a new category of decentralized identity that will change the internet as we know it,” said Paul Veradittakit, Partner at Pantera Capital. “We’re proud to back Matt and the rest of the team who are making this vision a reality.”
Founded in 2018, Unstoppable Domains has registered 2.5 million domains and has generated more than $80 million in sales since launching in 2019. The platform provides 10 domain ending options including .crypto, .nft, .wallet and .blockchain, instead of conventional Web2 domain names.
Unstoppable’s competitor, Ethereum Name Service (ENS) is offering Web3 domains ending with .eth. Each Unstoppable Web3 domain name is tied to an NFT, which users can use to log into more than 150 Web3 applications, replace lengthy crypto wallet addresses on more than 80 wallets and exchanges, create decentralised websites, and build their web3 identity.
Unstoppable Domains has built more than 300 partnerships with web3 companies like Polygon, Blockchain.com, MoonPay and more.
“For too long, companies have controlled people’s digital identities, and Unstoppable Domains is putting that power back into the hands of people,” said Matthew Gould, Founder and CEO of Unstoppable Domains. “As the digital economy becomes a larger part of our lives, it’s time for people to own their identity on the internet. We’re thrilled to partner with Pantera and other investors who share our vision of onboarding billions of people onto Web3 through NFT domains that unlock user-owned, private, and portable identities.”
Speaking to Fortune, Gould predicts that in five years’ time, one billion people will have at least one NFT domain and that most people will own at least five, citing the company’s data analysed over the last four years.
However, he acknowledges the dark side of NFT-based digital identities, which could be used to facilitate social rankings, but adds that the platform and other tech companies will be responsible for solving that problem.
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