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

On Monday, W3BCloud, a strong building global data centers for that Web3 and blockchain sectors, announced it had become going public using a takeover by special purpose acquisition vehicle (SPAC) Social Leverage Acquisition Corp I. ‍

Social Leverage Acquisition Corp I is on the New You are able to Stock Market, has $345 million in trust and it has received commitments from AMD, ConsenSys, SK Corporation., yet others for the next $50 million in new investments. The combined transaction will value W3BCloud at $1.25 billion. 

This past year, W3BCloud’s seven data centers, which come in the U . s . States, generated $40 million in sales, with 85% operating on alternative energy. Frederick Lubin, the founding father of ConsenSys and co-founding father of Ethereum, presently serves on W3BCloud’s board of company directors. The firm is tailored to th storage, staking, and computing infrastructure awaiting a Web3 boom, projecting 685% development in its revenue in 2023 in contrast to 2021.

Related: Decentralized storage providers power the Web3 economy, but adoption still going ahead

W3BCloud targets decentralized finance, nonfungible tokens and Metaverse projects, in addition to tech firms trying to go into the blockchain space since it’s core clients. Crypto projects for example Ethereum, Solana, Alchemy, Filecoin, Lido Finance yet others all use its data center services. In the past, its decentralized computing and bandwidth segment has produced the majority of its revenue. Concerning the development, W3BCloud Chief executive officer Sami Issa stated:

“This transaction enables us to grow our support to Web3 developers and scale using the Web3 economy’s anticipated significant growth.”

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