Web3 infrastructure company Quicknode has raised $60 million in a Series B funding round, according to an announcement the firm made Tuesday. The capital injection brings the company’s subsequent valuation to $800 million, with Quicknode saying the funds will be used to “drive blockchain adoption further.”
Quicknode aims to streamline the move from Web2 to Web3 with $60 million in Series B funding led by 10T Holdings
it’s January 24, 2023, fast node revealed that it has raised $60 million in a Series B financing round led by 10T Holdings. Other investors participating in the round included QED, Tiger Global, Alexis Ohanian’s Seven Seven Six and Protocol Labs. “This latest round will be used to accelerate the company’s global expansion and further empower builders laying the foundation for a future decentralized and globally connected,” Quicknode’s announcement said.
Quicknode also raised $35 million in a Series A in October 2021. That round was led by Tiger Global and Seven Seven Six, Soma Capital, Arrington. XRP Capital, Crossbeam and Anthony Pompliano also participated. Quicknode claims that it handles “billions of blockchain calls daily with 2x faster response time than competitors”.
Quicknode’s competitors include firms like Kaleido, Alchemy, Blockcypher, Velas, and Infura. The company detailed Tuesday that the funds will be used to “accelerate the Web2 to Web3 movement at scale.” The company also plans to recruit and develop Web3 offerings for the Quicknode market. Despite the crypto winter, the company added that “QuickNode has experienced remarkable growth over the past year with revenue growth of over 300%.”
“At Quicknode, we strongly believe in Web3 as the future of the Internet,” Alex Nabutovsky, CEO and co-founder of QuickNode, said in a statement. “Blockchain adoption and development continues to increase year-over-year, and we expect continued momentum in the space. The industry is about to enter its next era, and with this rise, we are preparing for mass adoption of blockchain technology in 2023 and for the rest of the decade. We are proud to help our clients scale to their full potential and move the industry forward,” added Nabutovsky.
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