W3BCloud, a provider of blockchain cloud infrastructure services, will go public via a Special Purpose Acquisition Company.
According to the transaction documentSocial Leverage, a prominent early-stage VC, is sponsoring the SLAC vehicle. The SPAC has a proposed funding of about $100 million.
A special purpose acquisition company can be used to go public. This route is ideal for startups who want to raise funds and trade publicly on bourses.
These are a good option for promising startups as they offer a quicker track if they have a business plan that matches their sponsoring SPACs. W3BCloud will soon be listed on New York Stock Exchange, per the merger agreement.
W3BCloud, one of the most promising startups, hopes to be the cloud infrastructure provider of choice for emerging Web3.0 communities. The startup integrates AMD technology to provide a high-quality supply chain and access delivery. The startup’s core partnership also extends to ConsenSys, which gives it Software These are some of the protocol insights.
The development of Web3.0 that focuses on cloud infrastructure providers has been slow. Because crypto-based startups are not likely to patronize decentralized cloud providers, preference is largely for centralized services such as Amazon Web Services (AWS) and Microsoft Azure.
W3BCloud wants to change the story. It is building the right data centres in the United States. With the $345 million remaining cash in its trust, the firm is looking for ways to improve its infrastructure.
W3BCloud relies on both the strengths of its founders as well as the experience of Social Leverage veterans. W3BCloud is optimistic that it will have a significant market for its products, as Web3.0 has seen a remarkable rise in demand.