D3 Global has raised $25 million in a Series A funding round, with the funds set to help the domain infrastructure startup build its new blockchain network, Doma Protocol.
Venture capital firm Paradigm led the series A round, D3 said in a press release on Jan. 29.
Coinbase Ventures, Polygon Labs co-founder Sandeep Nailwal, and HubSpot founder Dharmesh Shah also participated in the funding round.
D3 plans to use the capital injection to support further growth across the DomainFi economy. This includes leveraging technologies that enhance asset composability for domain name operators such as registrars and registries.
New DomainFi blockchain
Doma Protocol, which D3 announced as part of the Series A funding disclosure, is a key initiative in this effort. The new blockchain platform aims to drive innovation and expansion within the DomainFi ecosystem, potentially democratizing digital asset ownership for billions of internet users.
Fred Hsu, chief executive officer and co-founder of D3, commented:
“Internet domains have long been a valuable asset class. And for the first time in nearly three decades, we have the opportunity to modernize and transform the technologies and processes currently used by the domain industry through the Doma Protocol. The DomainFi economy will usher in a new era of innovation and financial opportunity as every domain, community, and user comes on-chain.”
Apart from Doma, D3 is looking to leverage multiple industry partnerships to boost adoption across the DomainFi space. The startup’s newly-launched DomainFi community includes Solana (SOL), Avalanche (AVAX), Plume, OneFootball and Hockey.com.
The partnership with Solana Foundation aims at bringing web2 and web3 domains to Solana via a bridge. Meanwhile, Avalanche plans to launch .AVAX Top-Level Domain.
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