W3BCLOUD, the joint venture between high-performance chipmaker, AMD, and Ethereum-based software company, ConsenSys’, raised $20.5 million from convertible note sales.
The venture disclosed that it was able to raise over $20.5 million by selling convertible notes from each company, including “several family offices in the United Arab Emirates.”
According to its announcement, more companies are turning to the Ethereum blockchain to provide decentralized finance (DeFi) and dollar-backed stablecoins. Sami Issa, co-founder and CEO of W3BCLOUD, stated that:
“The trustless, permissionless and decentralized economy requires robust and dedicated data centers to scale. W3BCLOUD brings together the pre-eminent GPU manufacturer and the leading blockchain developer to build the compute infrastructure for the blockchain economy,”
W3BCLOUD’s graphics card-based data centres would power Web3.0 as well as other blockchain economies around the world. Individually, AMD will provide the necessary hardware technology while ConsenSys’ will be responsible for the software solutions.
According to the announcement, the funds raised on this round will allow the venture to “expand its network of decentralized data centers across the globe,” as part of the company’s opening strategy.
The adoption of cloud computing in the blockchain economy is on the rise as the required technology sees significant development. Last year in February 2019, Google added an enterprise-oriented cryptocurrency Ontology onto its cloud platform.
Image credits: Pixabay
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