This article was first published on Silicon Republiccryptocurrency – Silicon Republic
On Thursday (25 June), W3bcloud announced that it has raised $20.5m to roll out a network of data centres dedicated to the blockchain economy. The firm also announced that it has plans to hire 20 employees, working across areas such as finance and R&D.
W3bcloud’s chief investment officer, Wael Aburida will be based in Ireland as the company builds out its team.
The start-up, which is a joint venture of Advanced Micro Devices (AMD) and ConsenSys, closed $20.5m in convertible notes from the two businesses, along with several family offices in the United Arab Emirates.
W3bcloud, which is headquartered in Dublin, plans to use the funding to ramp up and operate its first Ethereum blockchain data centres. The company plans to expand its network of decentralised data centres around the world as more funding is raised.
In a statement, W3bcloud explained that Ethereum is emerging as the programmable blockchain of choice for decentralised finance (DeFi) and US dollar-pegged stablecoins.
The firm said that the economic dislocation of 2020 coupled with the global dollar shortage has sparked a significant increase in dollar-backed stablecoin transactions on the Ethereum blockchain.
The start-up’s co-founder and CEO, Sami Issa, said: “The trustless, permissionless 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.”
As the economy recovers from the Covid-19 pandemic, individuals, enterprises and governments will prioritise resilience, which requires geopolitical decentralisation, permissionless and robust infrastructure, according to the start-up.
ConsenSys founder Joseph Lubin, who co-created Ethereum, said that W3bcloud is building “the next generation of decentralised compute, storage and bandwidth for the planet.”
AMD’s head of blockchain business unit, Jörg Roskowetz, commented: “Parallel and distributed computing ...
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