W3bcloud, the joint venture of the processor manufacturer AMD and the Ethereum specialist, ConsenSys, raised $ 20.5 million. This funding will enable the first decentralized data centers for the Ethereum blockchain to be put into service.
With W3bcloud, the objective ofAMD and of ConsenSys is simple: design a global high-performance data center network to enable development of the Web 3.0 and blockchain economy.
The joint venture will now be able to deploy these first data centers. The Dublin-based company has just raised funds for the first time. W3bcloud now has $ 20.5 million through AMD and ConsenSys convertible notes, as well as from investors in the Emirates.
Decentralized infrastructure for decentralized finance (DeFi)
Thanks to this first phase of funding, the joint venture of the IT infrastructure specialist and the blockchain publisher plans to commission its first data centers. These will be intended for applications of the Ethereum blockchain.
It’s a first step. The next fundraisers will be used to finance the worldwide expansion of its network of decentralized data centers. The choice of Ethereum for launch was imperative.
The CEO of ConsenSys, Joseph Lubin, is indeed the co-creator of Ethereum. However, the reasons are also business according to the joint venture. “Ethereum is poised to become the benchmark programmable blockchain for the decentralized finance (DeFi) and stablecoins based on the US dollar, ”she said.
The economic dislocation of 2020, coupled with the global shortage of dollars, has caused a significant increase in dollar-based stablecoin transactions on the Ethereum blockchain, ”added W3bcloud.
The economic crisis, an opportunity for the blockchain
As part of the economic recovery, the new blockchain-oriented cloud player therefore believes that companies and states will favor resilience based on geopolitical decentralization, a permissionless and robust infrastructure.
"W3bcloud, builds the next generation of decentralized computing, storage and bandwidth for the planet" praises ConsenSys boss Joseph Lubin. The startup’s priority will therefore be to develop parallel and distributed computing for blockchain use cases, “a rapidly growing segment of the industry. "
As part of this joint venture, AMD therefore designs high-performance hardware technologies necessary for optimizing the decentralized IT infrastructure. The publisher ConsenSys is developing blockchain software solutions and piloting R&D in this sector.