A platform for Web3 digital identity, Unstoppable Domains, with over 2.5 million NFT domains registered, announced that it has closed $65 million in Series A funding at a $1 billion value.
Pantera Capital served as the lead investor in the round, which included 17 additional investors, including: Pantera Capital, Gaingels, Mayfield, Alchemy Ventures, Spartan Group, Redbeard Ventures, OKG Investments, CoinDCX, Polygon, CoinGecko.
In order to continue developing a platform for user-owned and portable digital identity, Unstoppable Domains stated that it will use the investment to support product innovation and expand collaborations in the Web3 sector.
Paul Veradittakit, Partner at Pantera Capital, discussed the round as follows:
“The definition of a new class of decentralized identity by Unstoppable Domains is evolving quickly and will alter the internet as we know it. We’re honored to support Matt and the rest of the team as they work to bring this vision to life.”
Unstoppable Domains, which was established in 2018, provides NFT domains that allow customers complete ownership and control over their digital identity. People can use the company’s 2.5 million registered domains to:
- Access more than 150 Web3 programs
- Shorten complicated crypto wallet addresses on over 80 wallets and exchanges
- Make distributed webpages
- Increase their web3 presence
Unstoppable Domains’ founder and CEO, Matthew Gould, commented on the investment as follows:
“As the digital economy takes over more and more of our lives, it’s time for individuals to take control of their online selves. We are excited to work with Pantera and other investors that support our goal of bringing billions of people onto the Web3 through NFT domains that enable user-owned, private, and portable identities.”
Unstoppable Domains is returning ownership of people’s digital identities to them after a long period of corporate dominance.
Owners of Unstoppable Domain, which was created on the Ethereum blockchain, can utilize their domains to reach the decentralized web using the Brave and Opera browsers as well as browser extensions on Chrome, Edge, and Firefox.
Decentralized domains, in contrast to conventional web domains, are only managed by the domain’s owner and are not subject to price rises or renewal costs.
Decentralized domains are immune to attack since no single entity has control over each user’s domain.
The decentralized domains reduce copying and pasting errors that might result in money loss by replacing complicated crypto wallet addresses with straightforward usernames for payments.
Decentralized websites and NFT galleries can both be hosted on NFT domains.
As people substitute their old usernames with NFT domain names and verified profile images on social media platforms, unstoppable domains are also growing in popularity there.
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