KEY POINTS

  • Unstoppable Domains Series A funding round was led by Pantera Capital
  • The funds will be used to provide additional services to the users
  • The firm has confirmed $80 million in sales since 2019

Blockchain identity firm Unstoppable Domains announced a new Series A funding round wherein it raised around $65 million and scored a post-money valuation of $1 billion, becoming the lastest crypto unicorn.

As per the official announcement on Tuesday, the Series A funding round was led Pantera Capital, an American hedge fund that specializes in cryptocurrencies.

"Other investors in the round include Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKX Blockdream Ventures, Polygon, CoinDCX, CoinGecko, We3 syndicate, Rainfall Capital, Broadhaven, El Ventures, Hardyaka, and Sound Media Ventures, along with previous investors Boost VC and Draper Associates," the announced revealed.

Unstoppable Domain will "use the funding to fuel product innovation and grow our partnerships in the web3 space" while also confirming that the firm has generated $80 million in sales since 2019.

The firm provides the same functionality as that of Ethereum Name Service (ENS), i.e., to allow crypto holders change their lengthy crypto addresses with shorter names. The most famous ones include .crypto, .coin, .bitcoin, and others. Each of these names is minted on the Ethereum blockchain in the form of an NFT or non-fungible token.

"Today, people can use their Unstoppable Domains to log into more than 150 Web3 applications, replace lengthy crypto wallet addresses on more than 80 wallets and exchanges, create decentralized websites, and build their web3 identity. We’re proud to have built our business until this year with under $7 million in VC funding in the history of the company, prior to this round," the firm further added.

Furthermore, as per the announcement, the domain names provided in the form of NFTs by Unstoppable Domains could be used for other purposes giving people full control over their digital identity. The firm has also promised significant changes in the near future but did not reveal anything about them.

“For too long, companies have controlled people’s digital identities, and Unstoppable Domains is putting that power back into the hands of people,” said Matthew Gould, founder and chief executive of Unstoppable Domains, told TechCrunch on Wednesday. “As the digital economy becomes a larger part of our lives, it’s time for people to own their identity on the internet. 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.”

Cryptocurrency coins
Cryptocurrency exchange Bitfinex was hit with a DDoS attack. BTC Keychain/Flicker
MEET IBT NEWS FROM BELOW CHANNELS

© Copyright IBTimes 2022. All rights reserved.