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W3BCLOUD raises USD 20.5 mln to rollout data centres dedicated for the blockchain economy

Friday 26 June 2020 11:56 CET | News

W3BCLOUD has completed its initial close of USD 20.5 million in convertible notes from Advanced Micro Devices and ConsenSys, along with several family offices in the United Arab Emirates.

With this first round of funding, W3BCLOUD, a joint venture between Advanced Micro Devices and ConsenSys, aims to ramp up and operate its first Ethereum blockchain data centres. W3BCLOUD will expand its network of decentralised data centres across the globe as more funding is raised.

Ethereum is emerging as the programmable blockchain of choice for decentralised finance (DeFi) and US Dollar-pegged stablecoins, according to the official press release. The economic dislocation of 2020 coupled with the global dollar shortage sparked a significant increase in dollar-backed stablecoins transactions on the Ethereum blockchain.

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Keywords: blockchain, ethereum, funding, stablecoins, data centers, enterprise, business, banking, UAE
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United Arab Emirates
This article is part of category

Blockchain & Cryptocurrencies