Donuts Inc., an internet domain name registry has announced a strategic investment in Netki Inc., a blockchain wallet and identity startup.
According to the official release, Netki's uses Domain Name System (DNS) that generates easy to remember wallet names and makes blockchain applications user-friendly. Netki powers ‘secure DNS’ to connect wallet names to public addresses based on distributed ledger technology. With this, end-users can safely share their wallet names than the current practices.
“Netki is addressing an unmet market need in the rapidly growing blockchain space. Their use of the DNS to simplify the sharing of wallet addresses by creating wallet names is novel and is an idea that will make this technology more secure, adaptable, and user-friendly,” Donuts co-founder and CEO Paul Stahura said.
Netki's Digital Identity Certificate product which was a key attractor for Donuts, provides a method for developers and organizations. With the help of legally validated digital identity certificates, this will privately exchange, sign and validate sensitive documents and identity information.
"Donuts' leadership position in the domain space makes the company a great investor and partner for us. The company's expertise in innovative DNS services blends perfectly with our mission of building naming and identity services for next-generation blockchain users," Netki founder and CEO Justin Newton said.
The partnership with Netki will further advance Donut strategy to invest in emerging technologies that has the capacity to dramatically expand the addressable market for domain names.
Apart from Donuts, Netki announced that it has raised $3.5 million in seed funding round led by O'Reilly AlphaTech Ventures (OATV).
