Popular blockchain naming system provider Unstoppable Domains achieved a valuation of $1 billion following its inaugural funding round.
The four-year-old identity platform raised $65 million during its Series A funding round, led by Pantera Capital. It also included participation from Alchemy Ventures, Alt Tab Capital, Boost VC, Broadhaven, CoinDCX, CoinGecko, Draper Associates, EI Ventures, Gaingels, Hardyaka, Mayfield, OKG Investments, Polygon, Rainfall Capital Redbeard Ventures, Spartan Group, and We3 syndicate.
“As the digital economy becomes a larger part of our lives, it’s time for people to own their identity on the internet,” said Matthew Gould, founder, and chief executive of Unstoppable Domains, in a statement. “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.”
Decentralized identity
Unstoppable Domains enables people to build decentralized digital identities by minting a decentralized domain name as an NFT on the Ethereum blockchain. Since launching in 2018, the startup has generated more than $80 million in sales, and registered over 2.5 million domains, with some of the most popular top-level domains being .crypto, .coin, .bitcoin, .x, .888, .nft and .dao.
An Unstoppable Domain is a web address that can be connected to a blockchain. However, it does not use domain name services (DNS) like traditional websites but instead uses a blockchain-based solution called crypto name service (CNS). The service provides human-readable domain names that can be attached to cryptocurrency wallets.
With a domain name, users no longer have to share a long string to provide access to their wallet addresses to friends and businesses. The platform also includes integrations with over 300 applications including OpenSea, Coinbase wallet, Rainbow wallet, Chainlink, Brave browser, and ETHMail. Supported by startup’s Login with Unstoppable product, an additional 150 DApps on Ethereum and Polygon can be accessed through the single sign-on service.
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