Startup .bit raises $13m in Series A to grow its community

Blockchain startup .bit closed a Series A funding round of $13m with participation from CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital and SNZ.

.bit Raises $13M Series A Funding to Build Cross-chain Decentralized Identity Protocolhttps://t.co/Zxd2Ys7CX3

— .bit (@dotbitHQ) August 15, 2022

The raised funds will be used to expand the team, forge partnerships, and grow the community.

One of the project\’s main current tasks is to achieve adoption of DAO for .bit domains.

The team also reported registering more than 110,000 accounts with about 38,000 cryptocurrency addresses.

.bit is a decentralized cross-chain domain registration protocol, launched in July 2021 and supporting Ethereum, TRON, Polygon, and BNB Chain. The team plans to expand the network list to include Bitcoin, Dogecoin, Polkadot and Solana.

Earlier, the decentralized domain registrar Unstoppable Domains raised $65 million in a Series A funding round. The startup reached unicorn status — investors valued it at $1 billion.

In July, registrations in the Ethereum Name Service rose by 378,000, to 1.87 million.

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