By
Steve Muchoki
April 26th, 2024
Unstoppable Domains has achieved unicorn status after receiving funding from a pool of investors led by Pantera Capital.
Web3-focused platform Unstoppable Domains announced that its recent $65 million Series A funding round now sees the company attain unicorn valuation. Unstoppable Domains says it looks to channel the freshly-generated capital towards a slew of objectives. These include the reduction in friction of crypto payments between applications, as well as the creation of reputation-based reward programs.
American hedge fund crypto specialist Pantera Capital was at the forefront of Unstoppable Domains’ Series A funding. Additional investments came from several venture capital firms and crypto-focused entities. These include Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, and CoinGecko, to name a few. In addition, reports also state that the funding round included participation from older investors.
Unstoppable Domains to Leverage Latest Funding & Unicorn Status within the Digital World
Unstoppable Domains also looks to leverage its newfound unicorn status and consciously improve the value of the crypto ecosystem. In addition, with the latest $65 million funding, the crypto-oriented company has a more than 3-year leeway to build out its product. Speaking on Unstoppable Domains’ broad goals and objectives, co-founder and chief executive officer Matthew Gould explained in a media session:
“We are on a mission to create user owned and controlled identity for everybody on the planet, we actually think that NFT domains are going to be the technology that makes this happen.”
In addition, Gould also stated:
“Our vision is for the three billion people who have a cell phone to also have an NFT domain in the future. Regardless of the short term hiccups in the space, that’s ultimately what we’re trying to get to.”
Unstoppable Domains
Unstoppable Domains is a San Francisco-based company that connects Web2 to Web3 through blockchain domains. The company does this by allowing users to register domain names for a one-time fee. Using an Unstoppable Domain facilitates the creation of blockchain-connected web addresses similar to a URL. These domains can then function as a personal identifier for a user among different crypto applications. In addition, an Unstoppable Domain also helps users to create a consistent online reputation using Web3 technology.
As part of its verification process, Unstoppable Domains requires users to provide extensive pieces of additional information. Gould says that this is necessary because virtual worlds miss a personal reputation element experienced in every life. Gould also explained how easy it is for an online criminal to easily operate between several platforms without getting flagged. However, he believes that having a consistent reputation across the digital world averts such online infractions.
“We think that having a consistent name across the internet will be a way for you to plant your flag in the digital world and say who you are,” said the CEO.