Web 3.0 start-up Unstoppable Domains hits unicorn status
Unstoppable Domains has raised $65m in a Series A funding round led by Pantera Capital
Web 3.0 digital identity start-up Unstoppable Domains has closed a $65m Series A funding round, which pushes the firm’s valuation above $1bn, thus earning it ‘unicorn’ status.
US-based hedge fund Pantera Capital led the round, with participation from Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, OKG Investments, Polygon, CoinDCX, CoinGecko and other notable investors, along with previous participants Boost VC and Draper Associates.
The start-up, which has more than 2.5 million registered non-fungible token (NFT) domains, has generated more than $80m in sales since its inception in 2019.
It currently partners with leading crypto firms such as Blockchain.com and MoonPay, and said it will use the fresh capital to boost product innovation and grow its global partnerships.
Funding to boost crypto ecosystem
The funding comes at a time when the crypto market begins to witness a positive rally. Despite the market floating in negative territory in recent months, prompting a general sell-off that dominated the second quarter of 2022, venture capital firms have continued to pour millions of dollars into backing innovative start-ups.
Earlier this month, Web 3.0 gaming start-up Planetarium Labs raised $32m in a Series A funding round led by Animoca Brands, while digital asset infrastructure firm PolySign closed $53m in a Series C round to help serve its institutional investors.
Matthew Gould, CEO of Unstoppable Domains, said: “For too long, companies have controlled people’s digital identities, and Unstoppable Domains is putting that power back into the hands of people.
“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 Web 3.0, through NFT domains that unlock user-owned, private and portable identities.”