Last year, the company made $40 million in sales from its data centers in the United States.
W3BCloud, a company that builds worldwide data centers for the Web3 and blockchain industries, announced on Monday that it was going public through a buyout by special purpose acquisition vehicle (SPAC) Social Leverage Acquisition Corp I.
Social Leverage Acquisition Corp I is a Fresh York Stock Exchange-listed company with $345 million in trust and commitments for an additional $50 million in new investments from AMD, ConsenSys, SK Inc., and others. W3BCloud will be worth $1.25 billion as a result of the combined deal.
W3BCloud’s seven data centers, all of which are in the United States, earned $40 million in sales last year, with 85 percent running on renewable energy. W3BCloud’s board of directors now includes Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum. In preparation of a Web3 boom, the company is tailoring its storage, stake, and processing infrastructure, expecting a 685 percent increase in income in 2023 compared to 2021.
W3BCloud’s key clientele include decentralized finance, nonfungible tokens, and Metaverse initiatives, as well as software firms looking to enter the blockchain field. Its data center services are used by cryptocurrency projects such as Ethereum, Solana, Alchemy, Filecoin, Lido Finance, and others. Historically, the majority of its revenue has come from its decentralized computing and bandwidth area. W3BCloud CEO Sami Issa commented on the development:
“This transaction allows us to expand our support to Web3 developers and scale with the Web3 economy’s anticipated significant growth.”