QuickNode is an all-inclusive development platform that enables developers to implement their Web3 concepts. Today, the company revealed that it has raised $60 million to accelerate the achievement of its objective.
The Series B deal, which gives the business a valuation of $800 million, counteracts the present cryptocurrency bear market by injecting further capital into Web3 companies.
Crypto and blockchain companies benefit
According to Galaxy Research, crypto and blockchain businesses generated $2.7 billion across 366 deals in the fourth quarter of 2022. This is over fifty percent less than the prior quarter.
It was the lowest quarterly investment in the market during the past two years. This was because both crypto prices and industry confidence were declining. QuickNode was able to secure investors ready to assist the company in achieving its objectives because it centered its efforts on tools and infrastructure that enable the next wave of Web3 developers.
QuickNode’s funding round was led by 10T Holdings, a blockchain-focused investment firm that has invested in Kraken, Animoca Brands, and Gemini, among other industry heavyweights. Among the companies participating in the round were Tiger Global, Alexis Ohanian’s Seven Seven Six, Protocol Labs, and QED.
QuickNode was founded in 2017 and offers blockchain development tools compatible with sixteen of the most prominent Web3 protocols, including Ethereum, Bitcoin, the Ethereum scaling network Polygon, Binance’s BNB Chain, Solana, Fantom, Celo, NEAR, and xDAI.
Alex Nabutovsky, co-founder and current CEO of QuickNode, stated, “At QuickNode, we believe Web3 represents the future of the Internet.” The use of and work on the blockchain continues to increase each year, and we anticipate this trend to continue.
QuickNode’s expansion plans
QuickNode’s development tools include a comprehensive set of APIs for connecting decentralized applications (dapps) to major blockchains, in addition to analytics tools and SOC 2-certified security with end-to-end support. The framework is a suitable method to introduce Web2 developers to the rapidly evolving and decentralized Web3 ecosystem.
The $60 million will be utilized to aid QuickNode’s global expansion. It will also help the company hire more individuals globally and host community events and workshops.
The funds will also be used to expand the QuickNode Marketplace, an online portal that allows users to locate and purchase marketplace add-ons by chain, network, or type.
For a while, QuickNode has attracted considerable financial interest. Tiger Global will lead a $35 million Series A funding round for the startup in October 2021. Since then, the number of users has increased by almost 400%, and the company has employed 90 additional staff in eight different countries.
Recent market volatility has not caused Nabutovsky any concern. He noted that many of its customers had a “build in a bear market” mentality. He also expressed satisfaction with the platform’s rapid adoption.
Additionally, Nabutovsky believes that blockchain technology will be widely adopted in 2023 and for the remainder of the decade.”
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