QuickNode is shifting towards Web3 infrastructure in a move replicating the strategy deployed by rival blockchain developers. QuickNode proposed to utilize the $60 million realized in the Series B funding towards integrating Web3 applications. In addition, the blockchain developer indicated that it would allocate a portion of $60 million in funding to pursue global expansion and onboard more users.
Active Participation in QuickNode Series B Funding Round
QuickNode announced the conclusion of Series B fundraising, where the blockchain developer was valued at $800 million. The firm update conveyed on January 24 demonstrated that the round attracted the participation of Seven Seven Six, 10T Fund, QED, and Tiger Global.
The developer’s management emphasized that the capital raised in the funding round will help streamline QuickNode’s transition toward the Web3 infrastructure. The process involves enabling developers with the capability to deploy to enable them to expedite the onboarding of new blockchain users.
Increased User Base Attracting Venture Capital
The recently concluded Series B funding represents the most successful fundraiser since raising $35 million seven months after its establishment. QuickNode lauded the growth of its user base by 400% between October 2021 and when holding the Series B funding round. Among the user base is the expansion of infrastructure services clients featuring Matic, Arbitrum, Optimism, Ethereum, and Solana, among other blockchains.
QuickNode management acknowledged that venture capital funding rounds previously held by blockchain projects declined in 2022. Nonetheless, Web3-focused projects have defied the downtrend to attract increased interest across the digital assets ecosystem. Such is evident with HashKey Capital, a Hong Kong-based investment fund that announced the closing $500 million fund initiated to support Web3-oriented projects.
The chief operating officer at QuickNode, Jackie Kennedy, analyzed venture capital’s current involvement. He observed that venture capitalists prioritize scrutiny on what investment to commit their funds. The investors are keen to consider efficiency metrics, including gross margins and breakeven.
Kennedy indicated that Web3 projects dominated the blockchain funding deals by accounting for 44% by the third quarter of 2022. He regretted the absence of a universal definition of Web3. However, the QuickNode executive acknowledged that Web3 represents future iterations to deliver a decentralized, user-centric, permissionless internet.
QuickNode chief executive Dima Shklovsky portrayed Web3 as a web version utilizing blockchain technology geared towards enhancing ownership, governance, privacy, and trust, beyond the present world of the internet.
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