Blockchain developer QuickNode raises $60M at $800M valuation

Blockchain improvement level QuickNode has closed a $60 cardinal backing circular arsenic portion of a planetary enlargement intended to onboard much users and developers to Web3 applications. 

The Series B raise, which valued QuickNode astatine $800 million, was led by task superior steadfast 10T Fund, with information from Tiger Global, Seven Seven Six and QED, the institution announced connected Jan. 24.

QuickNode’s absorption said the superior would money its planetary enlargement and streamline the modulation to Web3 “at scale,” which includes providing developers with the deployability required to onboard caller blockchain users.

The Series B was the company’s astir important backing circular since October 2021, when it raised $35 million arsenic a seven-month-old startup. Between raises, QuickNode claims to person accrued its idiosyncratic basal by implicit 400%. The institution presently provides infrastructure services for implicit 16 blockchains, including Ethereum, Matic, Optimism, Arbitrum and Solana.

Venture superior backing for blockchain projects has dried up recently, but Web3-focused plays proceed to garner interest. As reported by Cointelegraph, Hong Kong concern money HashKey Capital precocious closed a $500 cardinal backing round to backmost up-and-coming projects successful the Web3 arena.

When asked astir the existent situation for task capital, QuickNode's main operating serviceman Jackie Kennedy told Cointelegraph "The backing clime has so shifted wherever funds are changing their criteria connected who and what to put successful [...] Investors are focusing much connected ratio metrics similar breakeven, gross margins and pain implicit maturation astatine each costs."

Related: Crypto could lick task capital’s owed diligence occupation — VC exec

By the 3rd 4th of 2022, Web3 projects accounted for astir 44% of blockchain backing deals, according to Cointelegraph Research. The caveat is that a universally agreed-upon explanation of Web3 remains illusive. For now, the conception refers to immoderate aboriginal iteration of the net that’s much decentralized, permissionless and user-focused.

In a written effect to Cointelegraph, QuickNode co-CEO and co-founder Dima Shklovsky described Web3 arsenic a "version of the web which leverages blockchain exertion to heighten ownership, trust, governance, worth exchange, and privacy," adding that "It is the Internet for the modern world.”