W3BCLOUD, a joint venture between US-based Advanced Micro Devices and ConsenSys, announced today that it has completed its initial close of $20.5 million. Investors included AMD, ConsenSys, along with several family offices in the United Arab Emirates.
With this first round of funding, W3BCLOUD will begin to operate its first Ethereum blockchain data centres and expand its network of decentralised data centres across the globe as more funding is raised.
“The trust-less, permission-less and decentralised economy requires robust and dedicated data centres to scale. W3BCLOUD brings together the pre-eminent GPU manufacturer and the leading blockchain developer to build the compute infrastructure for the blockchain economy,” said Sami Issa, co-founder and CEO at W3BCLOUD.
Ethereum is emerging as the programable blockchain of choice for decentralised finance (DeFi) and United States Dollar-pegged stablecoins. The economic dislocation of 2020 coupled with the global dollar shortage sparked a significant increase in dollar-backed stablecoins transactions on the Ethereum blockchain.
Post economic recovery, individuals, enterprises and governments will prioritise resilience and resiliency requires geopolitical decentralisation, permission-less and robust infrastructure.
"W3BCLOUD is building the next generation decentralised compute, storage and bandwidth for the planet" said Joseph Lubin founder of ConsenSys and co-creator of Ethereum.