Thank you for your reply.

$250k funding still is a lot of investor risk for 25% equity in a non-operational business.

Domain businesses can be scaled up quickly.

Build the core business, then ask for seed funding would be my opinion when you have actual data and figures to back up your projections.

IF you were asking a reasonable amount of money to apply to become an official registrar and wanted to be the first crypto registrar then I'd be interested since I believe that is something lacking at the minute, however, your advantage in the market cannot only be based on being involved in the crypto community and being first-movers. That's not good enough in my opinion.