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W3BCLOUD specializes in providing storage and could infrastructure services to companies operating in the Web 3 space.
On Monday, August 1, blockchain cloud infrastructure provider W3BCloud announced going public in the US market through a takeover by special purpose acquisition vehicle (SPAC) Social Leverage Acquisition Corp I.
The company also specializes in building global data centers for Web 3. W3BCLOUD is a joint venture between the founders of ConsenSys and Advanced Micro Devices (AMD). NYSE-listed Social Leverage Acquisition Corp I has a $345 million trust along with additional commitments of $50 million in new investments from Consensys, AMD, and others. The combined transaction will value W3BCloud at a staggering $1.25 billion.
Founded in 2018, the company is growing in popularity by catering to the Web 3 space. It provides infrastructure and storage to power the decentralized economy.
Web 3 refers to the next generation of the internet that incorporates concepts such as blockchain technologies, decentralization, and token-based economics. Speaking of the their decision to go public, W3BCloud CEO Sami Issa said:
“This transaction allows us to expand our support to Web3 developers and scale with the Web3 economy’s anticipated significant growth.”
W3BCLOUD Data Centers in the US
Last year in 2021, W3BCloud have seven data centers, all of which have been located in the United States, generating more than $40 million in sales. Interestingly, more than 85% of its data centers operate on renewable energy.
Ethereum co-founder as well as the founder of ConsenSys, Joseph Lubin, is currently on the board of directors for W3BCLOUD.
W3BCLOUD said that there’s a strong demand for its services in the market. For the year 2023, the company is projecting nearly 700% growth in its revenue in comparison to 2021. W3BCloud has been offering its services to projects in the Metaverse, decentralized finance, and non-fungible tokens.
It is also helping tech firms seeking to work in the blockchain sector. Some of the most popular crypto projects such as Ethereum, Solana, Filecoin, Alchemy, Lido Finance, and others have been using the data center services offered by W3BCLOUD. A majority of the company’s revenue comes from its bandwidth segment and decentralized computing.
It is a welcoming sign that companies operating in the Web 3 technologies and the crypto space have been making their way to Wall Street. However, unlike last year, the current macro environment may not be useful for price appreciation.