The collapse of Terra and the failure of big names like Voyager, 3 Arrows Capital, Celsius, etc., have brought a difficult situation for the rest of the companies. There has been a trend of lows seen in the influx of capital through fundraisers. In contrast, Unstoppable Domains has proved different as it raised a considerable amount in Series A funding led by Pantera Capital.
The fundraising drive has brought it more than required and has made it eligible for a $1 billion valuation. The increase has brought it to a discernable status in the market because of its financial strength. It has become one of those companies which have shown positive trend despite prevalent odds. It has closed the Series A funding to achieve the benchmark gains.
Here is a brief overview of the fundraising for Unstoppable Domains and how it will impact the market.
A rising crypto unicorn
Web3-focused platforms couldn’t maintain their momentum due to harsh market conditions. Big names like Meta have seen a tremendous decrease in their gains as the market remains unfavorable. It makes survival for many companies difficult due to a lack of funding. But Unstoppable Domains has proved to be a new unicorn by attracting the required investments to fulfill its funding needs.
Pantera Capital led the Series A funding round for Unstoppable Domains. Other names that supported the drive included Polygon, CoinDCX, Redbeard Ventures, Rainfall Capital, EI Ventures, CoinGecko, Mayfield, Hardyaka, We3 Syndicate, etc. While in contrast, the initial investors like Coinbase Ventures and Protocol Labs didn’t show up in this Series of funding.
The official press release declared the completion of Series A funding. It will be used to deploy product innovation and forging partnerships in the Web3 space. The owner and founder of the company Unstoppable Domains, Matthew Gould, said that they plan to put back power in the hands of the people. It will help them control their digital identities. As the funding series is completed, it will help the company achieve its goals without any financial restraints.
Immense funding for Unstoppable Domains
Unstoppable Domains is a seasoned Web3 company that was founded in 2018. Its 2.5 million NFT domains can be used to access more than 150 Web3 applications. These NFT domains aim to replace the alphanumeric crypto addresses. The company has received immense support from more than 80 crypto wallet and exchange companies. Also, big firms like MoonPay, Polygon, and Blockchain.com have leveraged this company.
As the digital economy has grown larger, it will provide the users opportunity to get control of their identity from others. It will have further funding rounds in the near future to fulfill its capital needs. Last month, there were some significant funding campaigns. Felix Capital was able to raise $600 million to grow Web3 technologies. Solana Ventures had also dedicated an amount of $100 million to Web3.
Unstoppable Domains has continued the status of the market unicorn for the last few months. It was named as the ‘Best Startup Employers’ in America by Forbes, while it is a completely remote firm. According to the firm partners, its NFT identity will transform the digital identity on Web3 while also promoting NFT technology. It will change the internet we know, creating a new digital world.
Conclusion
Unstoppable Domains, a Web3 company, has raised $65 million in its Series A funding round. Pantera Capital led the fundraising round, while it received immense support from other Web3 companies. This company wants to build digital identities based on NFTs, replacing the traditional addresses. The current funding will be used to fuel technologies and create support amongst companies.
