San Francisco-based blockchain company Unstoppable Domains on Wednesday announced a $65 million raise in a Series A funding round. The latest funding has now brought the firm to a $1 billion valuation.
Unstoppable Domains Raises $65M
Unstoppable Domains is a blockchain company noteworthy for its non-fungible token (NFT) domain sales, enabling users to represent long and difficult addresses in a simple form with an extension such as .crypto, .dao, and so on. These services are available on the platform and secondary markets, similar to its counterpart platform, Ethereum Name Service (ENS).
The funding round was led by U.S.-based crypto hedge fund Pantera Capital. Other institutions that joined the funding round include Mayfield, Alchemy Ventures, Polygon, CoinGecko, Spartan Group, and Rainfall Capital.
Unstoppable Domains noted that the latest funding will be geared towards improving its services and solidifying its institutional partnerships in the Web3 ecosystem.
Matthew Gould, CEO of Unstoppable Domains, noted that the latest funding will bolster the company’s effort to drive the adoption of digital identification.
“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,” he said.
Paul Veradittakit, Partner at Pantera Capital, also spoke on the development, where he said:
“Unstoppable Domains is rapidly defining a new category of decentralized identity that will change the internet as we know it,” said Paul Veradittakit, Partner at Pantera Capital. “We’re proud to back Matt and the rest of the team who are making this vision a reality.”
Fund Rounds Ongoing Amid Crypto Winter
Despite the ongoing crypto winter, which saw the valuation of the global crypto market drop significantly, institutional investors have continued to participate in funding rounds to aid the growth of other companies.
Earlier this month, play-to-earn gaming firm Animoca Brands raised $75 million in a funding round. The funding, which started in January, was paused following the plummeting of the crypto market. When the funding was completed, the gaming company sat at a valuation of $5.5 billion.
