Web3-focused digital identity platform, Unstoppable Domains, announced closing $65 million in Series A funding. Its valuation now stands at $1 billion.
The round was led by a new investor Pantera Capital. Other participants include Polygon, CoinDCX, CoinGecko, Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, We3 syndicate, Rainfall Capital, Broadhaven, EI Ventures, Hardyaka, and Alt Tab Capital. Initial investors, Coinbase Ventures and Protocol Labs were absent from the funding round.
Unstoppable Domains Is Now a Unicorn
According to the official press release, the latest funding round will be deployed to fuel product innovation and forge partnerships in the web3 space. Matthew Gould, Founder and CEO of Unstoppable Domains, asserted that the focus will be on putting “power back into the hands of people” by allowing them to control their digital identities.
Paul Veradittakit, Partner at Pantera Capital, commented,
“Unstoppable Domains is rapidly defining a new category of decentralized identity that will change the internet as we know it. We’re proud to back Matt and the rest of the team who are making this vision a reality.”
Unstoppable Domain essentially allows users to create a blockchain-connected web address similar to a URL that converts a digital wallet’s addresses into a simpler human-readable name that connects with decentralized apps and crypto exchanges.
Founded in 2018, the startup had registered 2.5 million domains to date. It has generated $80 million in revenue since its launch the following year. Before the $65 million investment round, the Unstoppable Domain had raised $7 million of funding.
Unstoppable Domains partnered with crypto payment firm MoonPay last month. The main aim of the deal was to incorporate NFT domains in transactions within the platform and facilitate entry into the Web3 space. As part of the collaboration, MoonPay users will be able to send and receive digital tokens via their domain names, thereby getting rid of long and complex wallet addresses.
Last year, stablecoin issuer Circle also announced a partnership with the DLT-based domain name provider to implement “simple and easily-readable” usernames for payments involving its USDC and replace the “lengthy alphanumeric wallet addresses.”