W3BCLOUD signed a deal worth $40 million(4 crore) with ConsenSys, SK Inc and others for
new investment. An agreement with Advanced Micro Devices (AMD) in exchange for equity of
$10 million was made,with certain conditions.
W3BCLOUD, a technology partnership between Advanced Micro Devices, ConsenSys, and its
founders, decided to go public in the US on Monday by combining with a business that writes
blank checks. The merged company would be valued at $1.25 billion, including debt, after the
merger
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In the event that there are no redemptions, the sale with Social Leverage Acquisition Corp. I
may net the SPAC trust account up to $345 million in cash.
ConsenSys, SK Inc., and other parties have made commitments to W3BCLOUD for investments
totaling $40 million. The company also has a deal with AMD for an additional equity investment
of $10 million, each of which is subject to certain terms.
By offering the storage and processing infrastructure needed to support the decentralised
economy, the 2018-founded startup is counting on the rising popularity of Web3.
A decentralised network powered by blockchain technology is referred to as Web3, and it may
represent the next stage of the internet.
However, the announcement comes at a challenging time for the SPAC market, which was once
the most popular trend on Wall Street when it peaked in 2020 and early 2021 and is currently
dealing with regulatory challenges, investor mistrust, volatile capital markets, and weak share
performance of well-known companies.
SPACs are publicly traded businesses created with the goal of merging with a private firm,
which then becomes public after the merger and is viewed as a less expensive option than an
initial public offering (IPO).
Sami Issa, the CEO of W3BCLOUD, will serve as the operational entity’s chief executive after
the transaction is completed, with Joseph Lubin, the founder of ConsenSys and a co-founder of
Ethereum, continuing to serve on the board of directors.
