Funding Round and Growth Trajectory
Recently, QuickNode announced a monumental leap in its journey, closing a $60 million Series B funding round that has left many blockchain enthusiasts buzzing. With backing from big players like 10T Holdings, Tiger Global, Seven Seven Six, and QED, the funding effectively valued QuickNode at a staggering $800 million. It’s hard not to imagine the team popping champagne corks while discussing their market share, right?
Strategic Focus on Web3
The central focus of this funding move is to supercharge their global expansion—bringing a wave of new users and developers into the world of Web3 applications. Think of it as transitioning from a cozy neighborhood diner to a sprawling international chain. QuickNode’s leadership stated that the funds will streamline the “transition to Web3 at scale” by offering developers the necessary deployability to onboard new blockchain users.
Exponential Growth and User Base Expansion
What’s even more impressive? QuickNode claims a whopping 400% increase in its user base since its last funding round in October 2021, when they raked in $35 million as a fresh-faced startup. Let’s just say they’ve gone from zero to six-lined, multi-chain wonder! Currently, their infrastructure services cater to over 16 blockchains, including Ethereum, Matic, Optimism, Arbitrum, and Solana, making them a pivotal player in the space.
Venture Capital Climate Shift
Despite the recent struggles in the venture capital realm, where funding for blockchain projects has reportedly dried up, Web3-focused initiatives still attract interest. Our friends at Cointelegraph found that Hong Kong’s HashKey Capital recently secured $500 million to support promising up-and-comers in the Web3 arena. It’s a mixed bag for those chasing down the Web3 dream.
Understanding Web3
Now, addressing the elephant in the digital room, what exactly is Web3? While no consensus exists on a clear definition, this evolving concept describes a future internet iteration—say goodbye to gatekeepers! Think decentralization, permissionless access, and user-centric design. QuickNode co-CEO Dima Shklovsky summarized it beautifully, calling Web3 the internet that embraces blockchain technology to enhance ownership, trust, governance, value exchange, and privacy—essentially the modern incarnation of the web. Isn’t progress just wonderful?
