Unstoppable Domains, a popular provider of blockchain naming systems, is raising a $1 billion funding round, three people familiar with the matter told gaming-updates.
Sources said the startup is in talks with a range of new and existing investors, including Draper Associates, Coinbase Ventures, Protocol Labs, and Naval Ravikant, to raise about $60 million in a new funding round.
He warned that the round is not yet closed, so conditions may change. The startup did not comment on Tuesday.
Invincible Domains allows people to create their own cryptographic usernames and decentralized digital identities. The startup, which sells domains with some TLDs for as little as $5, has helped people register more than 2.1 million domains, its website says. Some of the popular TLDs it offers are .crypto, .coin, .bitcoin, .x, .888, .nft, and .dao.
Unstoppable Domains, which includes members working for companies like Amazon AWS, Uber, and Slack, use any decentralized domain name on the Ethereum blockchain as an NFT to give the owner greater control and ownership.
With a domain name, users don’t have to worry about unnecessarily sharing their long wallet addresses with friends and businesses.
It also has integrations with over 140 apps including OpenC, Coinbase Wallet, Rainbow Wallet, Chainlink, Brave Browser and ETHmail. Over 90 dapps support startup logins with Unstoppable, a single sign-on service for Ethereum and Polygon that solves one of the pain points plaguing the crypto community.
In a presentation to investors, the startup said it was trying to create a “Coinbase decentralized network.” Thanks to its wide range, today it competes with ENS, Solana Bonfida, Tezos and Handshake.
Two sources said the startup has attracted more than 240,000 customers and generated $53 million in revenue last year. It also benefits, she says. In a presentation received by gaming-updates, the startup says it plans to partner with companies to launch its TLDs this year.