Blockchain Firm Raises $4 Million From Draper’s VC Fund to Provide Uncensorable Domains
Helen Partz's original article for cointelegraph.com reduced by 41%
San Francisco-based blockchain domains firm Unstoppable Domains has secured $4 million in a funding round backed by venture capitalist Tim Draper, co-founder Brad Kam told Cointelegraph in an email on May 23. Following a $730,000 seed round led by investment firm Boost VC, Unstoppable Domains has carried out a Series A round led by venture capital fund Draper Associates. The new investment funds will be used in the company's mission to provide blockchain-powered uncensorable websites, as well as simple payments in major cryptocurrencies such as bitcoin, ethereum, litecoin and others.
By bringing blockchain to the domains industry, Unstoppable Domains intends to "Spread free speech around the world," decentralizing domain names and websites that cannot be controlled by a third party, Draper said in the announcement. Similar to a cryptocurrency stored in a digital wallet, Unstoppable Domains' websites are stored in a user's wallet, while the content is stored on the InterPlanetary File System or other decentralized storage networks. Unstoppable Domains also plans to incorporate blockchain domains with users' crypto addresses.
The company reportedly allows users to replace a wallet's address with their short domain name that claims to enable simple transactions in crypto.
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