W3BCLOUD, a joint venture between AMD (NASDAQ: AMD) and ConsenSys, has completed its initial close of $20.5M in convertible notes from AMD and ConsenSys, along with several family offices in the United Arab Emirates. With this first round of funding, W3BCLOUD will ramp and operate its first Ethereum blockchain data centers.
Ethereum is emerging as the programmable blockchain of choice for decentralized finance (DeFi) and United States Dollar-pegged stablecoins, stated W3BCLOUD. The economic dislocation of 2020 coupled with the global dollar shortage sparked a significant increase in dollar-backed stablecoins transactions on the Ethereum blockchain.
“The trustless, permissionless and decentralized economy requires robust and dedicated data centers to scale,” said Sami Issa, co-founder and CEO of W3BCLOUD. “W3BCLOUD brings together the pre-eminent GPU manufacturer and the leading blockchain developer to build the compute infrastructure for the blockchain economy.”
W3BCLOUD will expand its network of decentralized data centers across the globe as more funding is raised.
HQs in Ireland
The W3BCLOUD team has 100+ years of global experience in Semiconductors, Data Centers, Blockchain, Crypto, Cloud and AI. The company is headquartered in Dublin, Ireland.
“W3BCLOUD is building the next generation decentralized compute, storage and bandwidth for the planet,” said Joseph Lubin, co-creator of Ethereum and founder of ConsenSys.
“Parallel and Distributed Computing focused on blockchain use cases is a fast-growing segment of the industry. I am very excited to see W3BCLOUD power up their first GPU-centric data center focused on blockchain as they work to ramp aggressively across multiple geographies throughout 2020,” said Jörg Roskowetz, Head of Blockchain Business Unit, AMD.
ConsenSys is a venture production studio and blockchain software development consultancy creating decentralized applications (DApps), enterprise solutions and developer tools for blockchain ecosystems, focused primarily on Ethereum.