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WebsCrypto—News—Business News—W3Bcloud to Go Public via SPAC, Valued at $1.25 Billion After Merger
Business News

W3Bcloud to Go Public via SPAC, Valued at $1.25 Billion After Merger

By WebsCryptoAugust 2, 2022
W3Bcloud to Go Public via SPAC, Valued at $1.25 Billion After Merger
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W3BCloud, a company that builds global data centers for the Web3 and blockchain space, announced Monday that it will go public through a merger with special-purpose acquisition company (SPAC) Social Leverage Acquisition CorpI.

Listed on the New York Stock Exchange, Social Leverage Acquisition CorpI has a $345 million trust fund and has received commitments of an additional $50 million in new investment from AMD, ConsenSys, SK Inc. and others. The combined transaction values W3B Cloud at $1.25 billion.

W3BCloud provides storage, staking and computing infrastructure services. Joseph Lubin, founder of ConsenSys and co-founder of Ethereum, serves on the board of directors of W3BCloud. The company reported $40 million in sales last year from its seven U.S. data centers, 85 percent of which use renewable energy. Revenue in 2023 is expected to increase by 685% over 2021.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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