Unstoppable Domains, a popular blockchain naming system provider and identity platform, is the latest crypto startup to become a unicorn.
The identity platform, which has amassed over 2.5 million registered NFT domains, said on Wednesday it has raised $65 million in its Series A funding round at a valuation of $1 billion.
Pantera Capital led the four year-old startup's new financing round with participation from Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, CoinGecko, We3 syndicate, Rainfall Capital, Broadhaven, EI Ventures, Hardyaka, Alt Tab Capital, Boost VC and Draper Associates.
The announcement today confirms a TechCrunch scoop from March this year.
Unstoppable Domains allows people to create their username for crypto and build decentralized digital identities. The startup, which sells domains with certain TLDs for as low as $5, has helped people register over 2.5 million domains to date. Some of the popular TLDs it offers include .crypto, .coin, .bitcoin, .x, .888, .nft and .dao.
The startup says it has generated more than $80 million in sales since launching the platform in 2019.
The platform, which includes members who worked at companies such as Amazon’s AWS, Uber and Slack, mints each decentralized domain name as an NFT on the Ethereum blockchain to give the owner broader control and ownership.
Having a domain name allows users to not bother with sharing their meaninglessly long wallet addresses with friends and businesses. It also has integrations with over 300 applications, including OpenSea, Coinbase wallet, Rainbow wallet, Chainlink, Brave browser and ETHMail. Over 150 DApps support the startup’s Login with Unstoppable product, a single sign-on service for Ethereum and Polygon, addressing one of the painful experiences plaguing the crypto community.
"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, in a statement. "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.”