Unstoppable Domains, a Web3 platform for digital identity management announced Wednesday that it has raised $65 million through a Series A round of financing led by Pantera Capital. Unstoppable Domains now has a $1 billion post-valuation, which will allow it to rise to the status of a unicorn.
Unstoppable domains joins growing list of crypto unicorns and raises $65 million
Unstoppable Domains, the company that’s issued more than 2.5 million non-fungible token (NFT) domains, revealed it has closed $65 million in a Series A funding round at a $1 billion valuation. Pantera Capital was the lead investor in Series A.
Pantera Capital was joined by Mayfield, Gaingels and Redbeard Ventures investors. Spartan Group, OKG Investments, Spartan Group and Polygon were also involved. Draper Associates, Boost VC, and Alchemy Ventures were investors in Unstoppable Domains previously.
Unstoppable Domains, which was launched in 2018, has 2.5 million NFT Domains that can be used to connect more than 150 Web3 applications. NFT domains replace alpha-numeric crypto addresses that are long with human-readable names. More than 80 crypto wallet and exchange platforms support the company’s technology. Additionally, the company’s digital identity tech is utilized by many crypto firms such as Moonpay, Blockchain.com and Polygon.
“For too long, companies have controlled people’s digital identities, and Unstoppable Domains is putting that power back into the hands of people,” Matthew Gould, the founder and CEO of Unstoppable Domains explained in a statement sent to Bitcoin.com News. “As the digital economy becomes a larger part of our lives, it’s time for people to own their identity on the internet.”
Despite ‘Crypto Winter,’ Capital Raises in the Blockchain Industry Continue to Fuel Startups
Unstoppable Domains’ Series A follows a number of funding rounds and capital raises during the last few months amid the harsh “crypto winter.” Last month, Felix Capital raised $600 million to grow Web3 technologies, and during the same week, Solana Ventures dedicated $100 million to Web3 as well. Brave Group Inc. was able to raise $10 million and Cryptoys (a NFT-based start-up) secured $23 millions. Strategic investors contributed $35 million to Zebedee, a fintech company and payment processor.
Unstoppable Domains was named one of America’s “Best Startup Employers” by Forbes and the company is a fully remote firm. Paul Veradittakit, a partner at Pantera Capital, believes the startup’s NFT domain technology will define a new era of digital identity. “Unstoppable Domains is rapidly defining a new category of decentralized identity that will change the internet as we know it,” Veradittakit remarked on Wednesday. “We’re proud to back Matt and the rest of the team who are making this vision a reality.”
Unstoppable Domains raised $65 million through a Series B funding round. Comment below and let us know how you feel about the subject.
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