Quick take:
- The company calls its new service offering “DomainFi” which matches fellow crypto buzzwords like DeFi and GameFi.
- The service will be built on D3’s blockchain platform, Doma, which is set to launch in the coming months.
- D3 seeks to turn existing domains into Web3 domains by turning them into NFTs but has also partnered with Solana and Avalanche to power new domains.
D3, a blockchain-based domain platform on Wednesday announced a $25 million funding from Crypto firm Paradigm. The fundraising follows a $5 million seed round announced in 2023.
The company plans to use the fresh capital to accelerate the development of the infrastructure to support the registration and trading of website domains using blockchain technology.
Dubbed “DomainFi” to match fellow crypto buzzwords like DeFi (decentralised finance) and GameFi (blockchain gaming), D3’s decentralised domain service is built on the company’s Doma blockchain, set to launch in the coming weeks.
Although D3’s initial focus is to turn existing domains into Web3 domains by leveraging non-fungible token (NFT) technology, the company has also partnered with leading blockchain companies like Solana and Avalanche to power new domains.
Its partnerships with Solana and Avalanche will allow developers to register websites ending with .SOL and .AVAX, respectively.
Commenting on the partnerships, Fred Hsu, D3’s co-founder and CEO told Fortune: “All the good dot coms are taken. There’s about 150 million of these things…We’re super excited about this upcoming round for a new dot something.”
Hsu believes a decentralised domain service can help fix some of the biggest challenges that the traditional domain service market faces.
Giving an example of the costly and inefficient process of acquiring a legitimate quality domain, Hsu said: “Oftentimes you’re dealing with brokers that charge 25% to 30%, long escrow delays that take anywhere from 4 to 8 weeks to get your domain name…and then there’s just really clunky, slow, inflexible ways to pay,” he said. “You can’t really pay with crypto in the domain world.”
The D3 CEO said his company’s blockchain will allow domain holders to receive their website names instantly whilst also making it easier to trade.
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