Highlights:
- D3 stated that the Doma Protocol will serve as a seamless bridge between traditional DNS and Web3 name systems, including blockchain-based domain systems.
- D3 is not alone in exploring blockchain-based domain solutions. Web3 startup Unstoppable Domains Inc. obtained its ICANN license in October 2024 and offers multiple top-level domains on-chain.
A startup company, D3 Global raised USD 25 million in the early-stage funding round spearheaded by venture capital firm Paradigm. D3 works on multiple ways to get internet domain names on the blockchain. The funding raised is to support this very vision.
The funding round also saw participation from Coinbase Ventures, Polygon Labs Co-founder Sandeep Nailwal, HubSpot Founder Dharmesh Shah, and Namecheap CEO Richard Kirkendall.
D3 plans to use the investment to launch the Doma Protocol, a new blockchain network designed to integrate both existing and future internet domain names into blockchain technology. This initiative aims to establish what the company refers to as “DomainFi” (domain finance), a decentralized network where domain names can be registered, traded, and even used as collateral.
Doma has been specifically designed to support domain name ownership and transactions while ensuring full compliance with the Internet Corporation for Assigned Names and Numbers (ICANN) regulations. As the nonprofit responsible for managing internet domain names, IP addresses, and the Domain Name System (DNS), ICANN’s standards ensure that Doma remains fully compatible with DNS infrastructure and can seamlessly integrate with existing domain industry tools.
“Internet domains have long been a valuable asset class,” said D3 Co-founder and Chief Executive Fred Hsu. “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.”
D3 stated that the Doma Protocol will serve as a seamless bridge between traditional DNS and Web3 name systems, including blockchain-based domain systems. This integration will enable domains registered on blockchain networks—often used by crypto communities—to easily interact with existing registries and registrars.
Doma simplifies ICANN compliance and DNS-specific processes such as domain management, transfers, and other administrative actions. This allows domain names to be tokenized, meaning they can be digitally represented on the blockchain as tradable tokens. When a token is exchanged, domain ownership is updated simultaneously on both the blockchain and DNS, ensuring a smooth transition.
In essence, Doma enables any domain to become an “on-chain domain,” turning it into a token that grants the holder the right to manage DNS records.
D3 is not alone in exploring blockchain-based domain solutions. Web3 startup Unstoppable Domains Inc. obtained its ICANN license in October 2024 and offers multiple top-level domains on-chain.
The domain name market remains highly valuable, with certain domains selling for millions. Examples include NFTs.com, which sold for USD 15 million in 2022, chat.com, acquired by OpenAI for USD 15.5 million in 2023, and voice.com, which fetched USD 30 million in 2019.