A digital identity platform focused on Web 3.0, Unstoppable Domains, has announced that they have closed $65 Million in Serie A funding. The company’s valuation now stands at a whooping $1 Billion.
Unstoppable Domains is a company that allows users to create a web address connected to a Blockchain. This web address is similar to a URL that converts a wallet address into a name that is simple and easily readable and can connect to crypto exchanges and decentralized apps.
The startup was founded in 2018 by Matthew Gould and they have registered over 2.5 Million domains till date. Since it’s launch in 2019, it has generated $80 Million in revenue. Before this recent $65 Million seed round, the Domain had raised $7 Million worth of funding.
The Serie A funding round was led by Pantera Capital, a new investor. Other Blockchain giants that participated in the funding round include CoinDCX, Polygon, Alchemy Ventures, CoinGecko, Redbeard Ventures, Broadhaven, Hardyaka, El Ventures, Gaingels, Spartan Group, OKG Investments and Alt Tab Capital. Coinbase Ventures and Protocol Labs were initial investors but they did not participate in this seed round.
The company’s press release confirmed that the just concluded funding round will be deployed to fuel product innovation and forge strategic partnerships in the Web3 ecosystem. Founder and CEO, Matthew Gould stated that the project will be focused on putting power back in the hands of people by allowing them to have full control over their digital identities.
Unstoppable Domains also announced a partnership with MoonPay last month. The main aim of the agreement was to introduce NFT domains in transactions on the platform and facilitate exposure to the Web3 space. As a benefit of the collaboration, MoonPay users will be able to send and receive NFTs by their Unstoppable Domain names, eliminating long and complex wallet addresses.
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