W3BCloud, a firm building global data centers for the Web3 and blockchain sectors, has announced that it was going public via a takeover by special purpose acquisition vehicle (SPAC) Social Leverage Acquisition Corp I.
It has been reported that W3BCloud, a firm building global data centers for the Web3 and blockchain sectors, announced that it was going public via a takeover by special purpose acquisition vehicle (SPAC) Social Leverage Acquisition Corp I.
However, last year, W3BCloud's seven data centers, all of which are located in the United States, generated $40 million in sales, with 85% operating on renewable energy.
Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum, currently serves on W3BCloud's board of directors. The firm is tailored to th storage, staking, and computing infrastructure in anticipation of a Web3 boom, projecting 685% growth in its revenue in 2023 compared with 2021.
The report said that W3BCloud targets decentralized finance, nonfungible tokens and Metaverse projects, as well as tech firms seeking to enter the blockchain space as its core clients. Historically, its decentralized computing and bandwidth segment has generated most of its revenue.
Thus, Sami Issa, the CEO of W3BCloud, said:
"This transaction allows us to expand our support to Web3 developers and scale with the Web3 economy's anticipated significant growth."
Source: Cointelegraph