W3BCLOUD, the joint venture of chip-maker Advanced Micro Devices (AMD) and Ethereum-solutions provider ConsenSys, announced plans to go public.
This will take place via a merger with the SPAC Social Leverage Acquisition Corp I. The latter is listed on the New York Stock Exchange and has $345 million in trust.
We’re thrilled to announce W3BCLOUD plans to go public via a #SPAC, combining with @socialleverage to continue building out our leading #storage and compute infrastructure platform, powering #Web3. Read about it here 👉 https://t.co/Xx2udfLMHd
— W3BCLOUD (@W3BCLOUD) August 1, 2022
AMD, ConsenSys, SK Inc. and others have committed to provide an additional $50 million in investments. The indicative valuation of the combined firm is about $1.25 billion.
In September 2019, AMD and ConsenSys announced the creation of a joint venture that would focus on blockchain cloud computing. Among its main clients are the DeFi sector, NFT- and metaverse-oriented projects, as well as technology companies.
“This deal will enable us to expand support for Web3 developers and scale in line with the expected substantial growth of the sector’s economy,” said the company’s CEO Sami Issa.
In June 2020, W3BCLOUD raised $20.5 million through the sale of convertible bonds to the founding companies and several family offices in the UAE.
In June, the Web3 adoption consulting firm ScienceMagic.Studios, raised $10.3 million. The financing was provided by Coinbase Ventures, Digital Currency Group, and billionaire Alan Howard.
For more on what Web3 is, read the educational cards ForkLog.
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