The $60 million fundraising round for the Blockchain development network QuickNode has been completed as part of a worldwide growth aimed at bringing more developers and users to Web3 apps.
The venture capital firm 10T Holdings handled the Series B raise that placed QuickNode at $800 million. The company revealed this on January 24. Tiger Global, Seven Seven Six, and QED also participated.
According to QuickNode’s management, the funding will support the company’s international growth and accelerate the switch to Web3 at scale, including giving developers the deployability needed to enroll additional Blockchain clients.
Since raising $35 million like a seven-month-old firm in October 2021, Series B was the company’s largest investment round. QuickNode claims to have boosted the base of users by more than 400% in the time between fundraisers. Currently, the business offers infrastructure support through over 16 blockchains, including Ethereum, Solana, Matic, Optimism, and Arbitrum.
Even though venture capital financing for Blockchain technologies has recently decreased, Web3-focused businesses will garner interest. According to Cointelegraph, the Hong Kong investment group HashKey Capital just completed a $500 million funding round to support emerging Web3 companies.
Jackie Kennedy, the chief operating officer of QuickNode, spoke to Cointelegraph about the state of venture capital. ‘The funding landscape has changed, while funds nowadays adjust their investment criteria for who and what to deal with. Investors now prioritize efficiency criteria including burn, breakeven, and profit growth more than uninterrupted growth.’
As per Cointelegraph Research, Web3 projects would have received almost 44% of Blockchain investment transactions by the third quarter of 2022. The warning would be that a consensus definition of Web3 is still elusive. For the time being, the idea alludes to a more user-focused, decentralized, or permissionless version of the internet.
Dima Shklovsky, co – CEO & co-founder of QuickNode, defined Web3 as ‘the Internet for the modern world’ in a written statement to Cointelegraph. He added that Web3 ‘leverages Blockchain technologies to strengthen ownership, trust, governance, value transfer, or privacy.’