Web3’s domain name provider, Unstoppable Domain, reached a $1 billion valuation after closing a $65 million series A funding round led by Pantera Capital.
Speaking about the investment, Panthera Capital partner Paul Veradittakit said:
Unstoppable Domains is rapidly defining a new category of decentralized identity that will change the Internet as we know it. We are proud to support Matt and the rest of the team who are making this vision a reality.”
Other investors in the Series A round include Draper Associates, Boost VC, Mayfield, Gaingeles, Alchemy Ventures, Redbeard Ventures and Spartan Group.
Unstoppable Domains founder Matthew Gould noted that people’s digital identities have long been controlled by large corporations, but as the digital economy becomes embedded in everyday life, it is now imperative that people be own their identity on the Internet, which is why they are building unstoppable domains.
Goud went on to say:
The $1 billion valuation highlights the importance of the infrastructure behind decentralized digital identities, separating “the identity component from the financial component.”
With the latest funding, Unstoppable Domains looks to expand its team, grow new partnerships, and enable more businesses and individuals to build their Web3 identity on the platform.
Unstoppable domains continue to grow
The domain name platform was founded in 2018 to allow users to create NFT domains with full control and ownership of their digital identities.
Platform-issued domain names are used to replace long crypto wallet addresses and log in to supported Web3 applications. Users can register for Top Level Domains (TLDs) such as .crypto, .coin, .bitcoin, .x, .888, .nft, and .dao.
So far, they have registered more than 1.4 million domains, including 300,000 NFT domains and 32 wallets with the .Wallet Alliance.
To meet the demand of its 240,000 customers, Unstoppable Domains has secured strategic partnerships with Web3 companies like Polygon, Blockchain.com, MoonPay. A Fortune report reveals that it has generated more than $80 million in sales since launching its naming service in September 2019.
Expressing faith in the company’s future, Gould in an interview with Fortune, expressed his thoughts:
“…one billion people will own at least one NFT domain in five years, with most people owning around five.”
Web3 domain names are here to stay
In the first week of July, 108,000 ENS domains were registered, an increase of 216% from the previous month and generated $684,000 in sales. The increase could be due to the ENS 000.eth address being bought for a record 300 ETH. Domain swapping could be a major trend as the adoption of web3 domains increases.
Meanwhile, Unstoppable Domains (UD) recently threatened to sue competitor Gateway.io for running a .wallet domain on the competitor’s Handshake system. Unstoppable Domains claims to own trademark rights in the .wallet top-level domain name.
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This post Domain Provider Web3 Unstoppable Domains Raises $65M, Becomes Newest Crypto Unicorn
was published first on https://cryptoslate.com/web3-domain-provider-unstoppable-domains-raises-65-million-to-reach-1-billion-valuation/