NFT domain name service provider Unstoppable Domains has become a unicorn with $65 million in Series A financing
This article comes fromThe BlockSummary:
Odaily Translator |
Summary:
text
Unstoppable Domains raised $65 million in Series A funding at a $1 billion valuation.
The company intends to use the funds to reduce the friction of crypto payments between apps and build a reputation-based rewards program.
Unstoppable Domains, a company that builds digital identity tokens as NFTs, announced a $65 million Series A round on Wednesday.
This round of financing was led by Pantera Capital, with Mayfield, Gangeels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, CoinGecko and others participating.
Unstoppable Domains, currently valued at $1 billion, intends to use the funds to reduce friction in crypto payments between apps and build the infrastructure for a reputation-based loyalty rewards program within the crypto ecosystem. Unstoppable Domains says the latest round of funding also gives Unstoppable Domains more than three years to develop its product.
Matthew Gould, co-founder and CEO of Unstoppable Domains, said in an interview, "Our mission is to create identities that users own and control for everyone on the planet, and we actually think that NFT domain names will be the key to achieving this goal." technology."
Unstoppable Domains allows users to register domain names for a one-time fee. These domain names can then serve as the user's personal identifier across different encrypted applications, helping users maintain a consistent online reputation using Web3 technologies.
Matthew Gould explained that in order to verify that users are who they claim to be, Unstoppable Domains requires users to provide at least hundreds of additional pieces of information about themselves so that the user's identity will emerge.
According to Matthew Gould, the digital world lacks the personal reputation element that everyone experiences in their lives. In a hypothetical example, he explained that if a person was caught selling fakes on Amazon and got caught, they might move to another platform, such as eBay, to perpetrate the same scam. "But you can't do that if you have a consistent reputation in those places."
"We thought that having a consistent name across the internet would be a way for you to plant a flag in the digital world and say who you are, and then help you build a consistent reputation across all the different apps you interact with .”
He pointed out, "Our vision is to allow the 3 billion people who own mobile phones to own an NFT domain name in the future. No matter what problems may arise in this field in the short term, this is our ultimate goal."As early as April this year,Pantera Announces It is Launching a New Fund, the Pantera Select Fund
