Blockchain developer QuickNode raises $60min Series B funding round

Blockchain development firm QuickNode has just completed a $60 million Series B funding round to reach an $800 million valuation. The funding round was led by venture capital firm 10T Holdings and also saw participation from investors such as Tiger Global, Seven Seven Six and QED, among others.

QuickNode Eyes Global Expansion Amidst Successful Funding

The announcement was shared by the firm’s CEO and co-founder, Alex Nabutovsky, who claims the firm has now raised more than $105 million. According to Nabutovsky, QuickNode had previously raised $35 million in a Series A round about 15 months earlier.

About $60 million raised recently, the CEO confirms that the company will primarily focus on using it to expand its team. And in addition, it will also use it to spread its tentacles all over the world. Admitting that a huge amount of business lies ahead, he says QuickNode wants to stay up to date on the situation. This means that the company wants to stay relevant and be ready for what is to come. Part of the statement reads:

“The amount of companies coming in is incredible, so we want to continue to build these abstraction layers, expand our technology and expand into new regions.”

Meanwhile, a portion of the newly raised fund will also be earmarked and used to boost blockchain adoption. Nabutovsky said:

“If we’re going to have mass adoption of blockchain, as we saw in the last year, you have to provide enterprise-grade infrastructure.”

Web3.0 funding on the rise

The new fundraising by QuickNode seems to be a testament to the fact that venture capital funding has found a new interest in Web 3.0-focused firms. As suggested by recent reports, the widespread bear market has caused investors and venture capitalists to lose interest in funding blockchain projects. And as a result, their focus has suddenly shifted towards the Web 3.0 area.

This explains a recent Coinspeaker report that claims Hong Kong investment fund HashKey Capital also closed a $500 million funding round. The firm also admitted that it will use the fund to support upcoming Web3 projects.

Without a doubt, the Web 3.0 era is here. But more than that, the change in the funding climate is enough evidence that investors are becoming more interested in Web 3.0 projects.

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Mayowa is a crypto enthusiast/writer whose conversational nature is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He is a reader, a researcher, a wise speaker, and also a budding entrepreneur. Aside from crypto, Mayowa’s imagined distractions include soccer or discussing world politics.