W3BCloud, which is a company that builds global data centers for the Web3 & blockchain sectors, announced Monday that it would be going public through a special purpose acquisition vehicle (SPAC). Social Leverage Acquisition Corp I.
Social Leverage Acquisition Corp I, which is listed on New York Stock Exchange has $345 Million in trust. It has also received commitments from AMD and ConsenSys for additional $50 million. W3BCloud will be worth $1.25 billion after the combined transaction.
W3BCloud’s seven data center, all located in the United States of America, made $40 million in sales last year. 85% of them were powered by renewable energy. Joseph Lubin is currently a member of W3BCloud’s board of directors. He is the co-founder and founder of ConsenSys as well as Ethereum. In anticipation of the Web3 boom, the firm’s focus is on storage, staking and computing infrastructure. It projects a 685% increase in revenue by 2023, compared to 2021.
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W3BCloud targets nonfungible tokens, decentralized finance and Metaverse projects as well as tech companies looking to enter the Blockchain space as core clients. Its data center services are used by crypto projects like Ethereum, Solana and Alchemy as well as Filecoin, Lido Finance, Filecoin, Filecoin and Filecoin. Its decentralized computing and bandwidth segments have historically generated the majority of its revenue. Sami Issa, CEO of W3BCloud, said that the company’s decentralized computing and bandwidth segment has generated most of its revenue in the past.
“This transaction will allow us to increase our support for Web3 developers and scale with Web3’s expected significant growth.”