Unstoppable Domains reached a valuation of $1 billion and a unicorn status thanks to the latest Series A fundraising and continues the online identity push as well so let’s read more today in our cryptocurrency latest news.
The web3 startup Unstoppable Domains reaches a valuation of $1 billion after the latest $65 million fundraised in a Series A fund. The company sells NFT-based domains which can be assigned to the crypto wallets and websites and it is also building Web3 identity and reputation solutions. The web3 service that provides domain names for crypto wallets announced that it reached a unicorn valuation of $1 billion. The raise was led by new investor Pantera Capital but also funding from Alchemy Ventures, Mayfield, Polygon, and others.
The founder and CEO of Unstoppable Domains Matthew Gould said that everyone is excited at the company about reaching unicorn status and that it built through he so-called crypto winter in 2018 to reach this point but he also told his team that he will bring in this kind of investment as a serious matter:
“When you take on funding, you take on a lot of responsibility. You have one day to celebrate and take the victory lap, and have a glass of champagne—and then the next day, you get right back to work.”
The platform raised $6.9 million in VC funding across multiple rounds but Gould said that the earlier investmetns are considered part of the seed funding and he chalked up another labeling to being a small startup without a PR Team at the time. Gould said that the platform registered more than 2.5 million crypto domain names to date with registrations starting at $5 per domain. Each Unstoppable Domain takes the form of the NFt asset that is minted on Polygon as an ETH scaling platform that enables faster and cheaper transactions.
The NFTs are blockchain tokens that convey ownership for an item or a Web3 domain name in that case. Once minted, the NFT remains in the users’ custody in the crypto wallet and there are no removal fees to maintain the ownership. The user also doesn’t have to pay the gas fees for minting a domain on Polygon. The last detail is a huge difference from the Ethereum Name Service as a decentralized service that sells NFT-based names tied to Ethereum wallets. Gould doesn’t see ENS or other services as rivals because they are all working to imrpove crypto accessibility and to advance the concept of digital ownership.
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