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unstoppable domains platform Raised $65 Million Fund
Aug, 01 2022
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During its Series A investment round, which is headed by Pantera Capital, a well-known blockchain naming system supplier platform Unstoppable Domains, which has been around for four years, revealed on Wednesday that it has raised $65 million. Following its initial fundraising round, the platform reached a valuation of $1 billion.
Alchemy Ventures, AltTab 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 were also participants. The new funding will be used to support product innovation and expand collaborations in the Web3 industry.
NFT domains, which are collections of smart contracts that are active on a public blockchain and give users control over their stored data, are available through Unstoppable Domains. Instead of using their wallet addresses, users can communicate with decentralized applications and send or receive cryptocurrency through NFT domains.
The Upfront domain price will be one-time and there are no extra renewal fees.
About Unstoppable Domain :
Blockchain-enabled web addresses are known as Unstoppable Domains. It has registered 2.5 million domains since its launch in 2018, integrating with more than 150 Web3 applications, and has made over $80 million in sales and some of the most sought-after TLDs include. crypto,.coin, bitcoin,.x, .888, nft, and .dao. The business asserts to have established more than 300 alliances with well-known Web3 businesses like Polygon, Blockchain.com, MoonPay, ETHMail, OpenSea, Chainlink, Coinbase wallet, and Rainbow wallet. Over the last three years, the company's sales have totalled around $80 million. NFT domains were compared to the development of the digital economy by founder and CEO of Unstoppable Domains Matthew Gould. An additional 150 DApps on Ethereum and Polygon may be accessed with the single sign-on service, which is supported by the startup's Login with Unstoppable offering.
People can create decentralised digital identities with Unstoppable Domains by creating a decentralised domain name as an NFT on the Ethereum blockchain. However, unlike conventional websites, it does not employ domain name services (DNS), but rather a blockchain-based alternative called crypto name service (CNS). The service offers domain names that are readable by humans and may be connected to cryptocurrency wallets. Users may now give friends and businesses access to their wallet addresses without having to divulge a lengthy string due to domain names.
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Indrani bose
CBW - External Analyst
INDIA
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