On Monday, W3BCloud, a company that builds global data centers for the Web3 and blockchain sectors, announced it was going public through an acquisition by Special Purpose Acquisition Vehicle (SPAC) Social Leverage Acquisition Corp I.
Social Leverage Acquisition Corp I is listed on the New York Stock Exchange, has $345 million in trust and has received commitments from AMD, ConsenSys, SK Inc. and others for another $50 million in new investment. The combined transaction values W3BCloud at $1.25 billion.
Last year, W3BCloud’s seven data centers, all of which are located in the United States, generated $40 million in revenue, of which 85% are powered by renewable energy. Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum, currently serves on the board of directors of W3BCloud. The company is aligned with its storage, staking and computing infrastructure in anticipation of a Web3 boom, and expects 685% revenue growth in 2023 compared to 2021.
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W3BCloud focuses on decentralized finance, non-replaceable tokens, and Metaverse projects, as well as technology companies looking to enter the blockchain space as core customers. Crypto projects such as Ethereum, Solana, Alchemy, Filecoin, Lido Finance and others all use its data center services. Historically, the decentralized computing and bandwidth segment has generated the majority of its revenue. Speaking about the development, W3BCloud CEO Sami Issa said:
“This transaction allows us to expand our support to Web3 developers and scale with the expected significant growth of the Web3 economy.”