Web3 Digital Identity Startup Unstoppable Domains Said To Seek Funding At $1 Billion Valuation

Web3 Digital Identity Startup Unstoppable Domains Said To Seek Funding At $1 Billion Valuation

Three individuals familiar with the situation told TechCrunch that Unstoppable Domains, a popular blockchain name system supplier, is putting together a fundraising round with a $1 billion value. According to the sources, the business is in negotiations with a number of new and old investors, including Draper Associates, Coinbase Ventures, Protocol Labs, and Naval Ravikant, to raise around $60 million in a fresh fundraising round.

They warned that because the round hasn’t closed yet, the terms might change. On Tuesday, the startup had no reaction. Unstoppable Domains enables anyone to generate their own cryptocurrency usernames and construct decentralized digital identities. According to the company’s website, it has assisted consumers in registering over 2.1 million domains with various TLDs for as little as $5. .crypto, .coin, .bitcoin, .x, .888, .nft, and.dao are just a few of the prominent TLDs it provides.

Unstoppable Domains, which has individuals who formerly worked at Amazon Web Services, Uber, and Slack, mints each decentralized domain name as an NFT on the Ethereum blockchain to offer the owner more power and ownership. Users can avoid revealing their useless lengthy wallet addresses with friends and companies if they have a domain name.

Over 140 apps are integrated, including OpenSea, Coinbase wallet, Rainbow wallet, Chainlink, Brave browser, and ETHMail. The startup’s Login with Unstoppable offering, a single sign-on tool for Ethereum and Polygon, is supported by over 90 DApps, addressing one of the crypto community’s most frustrating experiences. The business claimed in a presentation deck to investors that it is seeking to create the “Coinbase of the decentralized web.” 

It competes with ENS, Solana Bonfida, Tezos, and Handshake today because to its diverse offers. According to two sources, the company has over 240,000 clients and generated $53 million in sales last year. They went on to say that it’s also profitable. According to the startup’s presentation deck, which was seen by TechCrunch, it aims to join with corporations this year to establish their TLDs. NFT domains are not rented; they are owned. Purchase the domain for a one-time price and never have to bother about renewals again.