D3 Global Secures $25 Million in Series A Funding for Doma Protocol
D3 Global has raised $25 million in Series A funding, led by Paradigm. The funds will be utilized to develop the Doma Protocol, a blockchain network aimed at enhancing domain versatility and integrating domain system operators into the DomainFi economy.
Key details include:
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<li Participation from Coinbase Ventures, Sandeep Nailwal (Polygon Labs), Richard Kirkendall (Namecheap), and Dharmesh Shah (HubSpot)
<li Doma Protocol is designed to comply with ICANN regulations
<li The DomainFi economy aims to transform internet domains into a $340 billion asset class
The CEO of D3, Fred Hsu, highlighted the opportunity to modernize the domain industry after nearly three decades, stating the Doma Protocol will drive innovation and financial opportunities for domains on blockchain.
Partnerships and Collaborations
D3 is collaborating with various industry players including Solana, Avalanche, Plume, OneFootball, and Hockey.com to promote DomainFi. Key initiatives include:
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<li Development of infrastructure to connect Web2 and Web3 domains on Solana’s blockchain
<li Launch of the .AVAX Top-Level Domain (TLD) by Avalanche
<li Integration of DomainFi with Nest Protocol for yield generation by Plume
<li Fractional ownership of premium domains by Hockey.com
Charlie Noyes from Paradigm emphasized the value of moving domains on-chain, which would increase liquidity and introduce new financial products. He expressed confidence in D3's potential to rebuild domain infrastructure for digital markets.