„W3bcloud“, a blockchain project jointly undertaken by the large chip manufacturer AMD and the Ethereum-based company ConsenSys has raised $20.5 million in investment capital.
According to a June 25 announcement, the joint AMD and ConsenSys „W3bcloud“ project raised the funds through the sale of convertible bonds to the founding companies and several Family Offices in the United Arab Emirates. Jörg Roskowetz, Head of AMD’s blockchain business unit, said: „Parallel and distributed computing technology focused on blockchain use cases is a fast growing segment of the industry.
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W3bcloud co-founder and CEO Sami Issa told Cointelegraph, „AMD will design the high performance hardware technologies needed to optimize the decentralized computing infrastructure. ConsenSys, on the other hand, will provide blockchain software solutions and participate in research and development efforts.
The need for infrastructure for a growing ecosystem
Sami explained that the blockchain ecosystem requires an industrial-grade computing infrastructure to scale up to mass application. He noted that the current infrastructure available in the cloud is not optimal for Ethereum transactions and decentralized tasks. He said the company is open to working on other blockchain technologies other than Ethereum, but for now is focusing on this network because of the scope of its market.
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This first round of funding is intended to finance the development of the first W3bcloud Iq Option data centres. Issa explained that he believes the platform’s growing ecosystem requires such infrastructure:
„An unreliable, unlicensed and decentralized economy requires strong and dedicated data centers on the same scale. W3BCLOUD brings together the leading GPU manufacturer and the leading developer of Blockchain to build the computing infrastructure for the Blockchain economy.
Issa explained that the company plans to provide a decentralized, enterprise-grade computing infrastructure. He also noted that the GPU infrastructure can be used for more traditional applications such as machine learning, storage, processing and video transcoding. He added that W3bcloud is already in discussions with multiple potential customers.