ConsenSys and AMD Secure $20 Million Funding to Develop Blockchain Cloud Service

By June 26, 2020Ethereum
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ConsenSys and AMD raised $20 million to fund W3BCLOUD, a startup working to provide a reliable infrastructure for the growing blockchain ecosystem.

As the world advances in technology, several business entities are playing a key role in driving the change. While some participants in the technological revolution on the passive side, others are major participants with real-time research and development of tech products. There has been a remarkable disruption in these tech products in recent times with blockchain technology powering these new innovations. Of the blockchain-based companies actively working on ensuring that blockchain technology gains the traction needed to take over the tech landscape, ConsenSys remains a key player. In a recent partnership with Advanced Micro Devices Inc (NASDAQ: AMD), the company announced it has closed a deal worth $20.5 million to Rollout a Network of Data Centers dubbed W3BCLOUD Dedicated for the Blockchain Economy. This development is set to promote blockchain advancement in Europe, Asia, and the world at large.

ConsenSys Background in Blockchain

ConsenSys was founded in 2014 to create a dedicated digital platform that will transform the world’s digital architecture into a more open, secure, and accessible internet of value. Created by Ethereum co-founder Joseph Lubin. Since inception, ConsenSys have built blockchain developer tools that have been adopted across the Ethereum ecosystem.

The Joseph Lubin led team has incubated and accelerated Ethereum startups that are launching products across industries, from finance to supply chain to law. Through a series of Innovative strides, the firm has deployed real-world Enterprise Ethereum solutions that are helping corporations, governments, and NGOs secure their IT infrastructure, optimize workflows, and unlock new blockchain-based business models. ConsenSys AG is headquartered in Switzerland, with a presence in over 30 countries around the world.

AMD-ConsenSys Deal

Founded in 1969 as a Silicon Valley start-up, the AMD journey began with dozens of employees focused on leading-edge semiconductor products. AMD today develops high-performance computing and visualization products to solve some of the world’s toughest and most interesting challenges. The joint venture announced on Thursday represents a confirmation of AMD’s mission strides today and is the first round of funding which helps empower W3BCLOUD to operate its first Ethereum Data Centres.

Currently headquartered in Dublin, Ireland, W3BCLOUD is building a global network of high-performance data centers drawing experiences from its team with a combined 100+ years of global experience in Semiconductors, Data Centers, Blockchain, Crypto, Cloud, and AI to enable Web 3.0 and the blockchain economy.

With the decentralized blockchain economy building a great room for a major surge, the Ethereum network must be amply prepared to handle the digital infrastructure the world will need. This is why Sami Issa CEO and Co-founder of W3BCLOUD noted:

“The trustless, permissionless, and decentralized economy requires robust and dedicated data centers to scale. W3BCLOUD brings together the pre-eminent GPU manufacturer and the leading blockchain developer to build the compute infrastructure for the blockchain economy.”

Speaking about their work with AMD, ConsenSys CEO believes W3BCLOUD will help in:

“Bolstering the compute power of blockchain networks with AMD’s leading-edge technology will be of great benefit to the scalable adoption of emerging decentralized systems around the globe.”

Unto a Reliable Digital Future

With the contributions of ConsenSys and AMD in helping W3BCLOUD to scale up their operations across the world, the world can be assured of a reliable IT infrastructure backup upon which the increasing blockchain innovations can lie.

With the parallel and distributed computing focused on blockchain use cases is a fast-growing segment of the industry coupled with increasing government interest in blockchain through the development of Central Bank Digital Currencies, W3BCLOUD will become a vital part of the digital transformation we all envision.

Author Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

As the world advances in technology, several business […]

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