Blockchain Startup W3BCloud to Go Public via SPAC Deal
Godfrey Benjamin Aug 02, 2022 03:55
Blockchain cloud infrastructure service provider W3BCloud is set to go public via a Special Purpose Acquisition Company (SPAC) dubbed the Social Leverage Acquisition Corp I (SLAC).
Blockchain cloud infrastructure service provider W3BCloud is set to go public via a Special Purpose Acquisition Company (SPAC) dubbed the Social Leverage Acquisition Corp I (SLAC).
According to the transaction document, the SLAC vehicle is being sponsored by Social Leverage, a leading early-stage VC. The proposed funds to be raised via the SPAC are pegged at about $100 million.
Going public through a special purpose acquisition company is an alternative route designed for startups looking to raise funds and trade on public bourses.
They are generally a faster-track option for promising startups, provided they have a matching business design with their sponsoring SPACs. Per the proposed merger deal, W3BCloud is on track to be listed on the New York Stock Exchange (NYSE).
W3BCloud is one of the promising startups that hope to be the go-to cloud infrastructure provider for the emerging Web3.0 ecosystems. Currently, the startup ticks the box for providing a quality supply chain and access delivery through its integration of AMD technology. The startup’s core partnership also extends to ConsenSys, which gives it software and protocol insights.
Over the years, the development of Web3.0 focused on cloud infrastructure providers has progressed in a limiting way. This is because crypto-based startups hardly patronize these decentralized cloud providers as preference remains largely for centralized services like Microsoft Azure and Amazon Web Services (AWS).
W3BCloud aims to change the narrative, and it is developing the right data centres, most of which are in the United States. The firm is exploring avenues to bolster its infrastructure with the funds raised and the remaining $345 million cash it has in its trust.
W3BCloud is riding on the strength of both its founders and the expertise of the veterans from Social Leverage. With the clamour for Web3.0 soaring remarkably this period, W3BCloud is hopeful it has a large market potential for its products.
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