Blockchain cloud infrastructure company W3BCloud to go public via $1.25 billion SPAC

The company, whose data centers are located in the United States, generated $40 million in sales last year.
New
On Monday, W3BCloud, a company that builds global data centers for the Web3 and blockchain industries, announced that it was going public via a Special Purpose Acquisition Vehicle (SPAC) takeover Social Leverage Acquisition Corp I. ‍

Social Leverage Acquisition Corp I is listed on the New York Stock Exchange, has $345 million in trust, and has received commitments from AMD, ConsenSys, SK Inc. and others for an additional $50 million in new investments. The combined transaction will value W3BCloud at $1.25 billion.

Last year, W3BCloud's seven data centers, all located in the United States, generated $40 million in revenue, 85% of which runs on renewable energy. Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum, currently sits on the board of W3BCloud. The company is gearing up for storage, staking and compute infrastructure in anticipation of a Web3 boom, forecasting 685% revenue growth in 2023 compared to 2021.

Related: Decentralized Storage Providers Power the Web3 Economy, But Adoption Is Still Happening

W3BCloud targets decentralized finance, non-fungible tokens and Metaverse projects, as well as technology companies looking to enter the blockchain space as primary customers. Crypto projects such as Ethereum, Solana, Alchemy, Filecoin, Lido Finance and others all use its data center services. Historically, its distributed computing and bandwidth segment generated most of its revenue. Regarding the...

Crypto Aug 2, 2022 0 102 Add to Reading List

Blockchain cloud infrastructure company W3BCloud to go public via $1.25 billion SPAC

The company, whose data centers are located in the United States, generated $40 million in sales last year.

Blockchain cloud infrastructure company W3BCloud to go public via $1.25B SPAC

New

On Monday, W3BCloud, a company that builds global data centers for the Web3 and blockchain industries, announced that it was going public via a Special Purpose Acquisition Vehicle (SPAC) takeover Social Leverage Acquisition Corp I. ‍

Social Leverage Acquisition Corp I is listed on the New York Stock Exchange, has $345 million in trust, and has received commitments from AMD, ConsenSys, SK Inc. and others for an additional $50 million in new investments. The combined transaction will value W3BCloud at $1.25 billion.

Last year, W3BCloud's seven data centers, all located in the United States, generated $40 million in revenue, 85% of which runs on renewable energy. Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum, currently sits on the board of W3BCloud. The company is gearing up for storage, staking and compute infrastructure in anticipation of a Web3 boom, forecasting 685% revenue growth in 2023 compared to 2021.

Related: Decentralized Storage Providers Power the Web3 Economy, But Adoption Is Still Happening

W3BCloud targets decentralized finance, non-fungible tokens and Metaverse projects, as well as technology companies looking to enter the blockchain space as primary customers. Crypto projects such as Ethereum, Solana, Alchemy, Filecoin, Lido Finance and others all use its data center services. Historically, its distributed computing and bandwidth segment generated most of its revenue. Regarding the...