W3BCloud, a provider of blockchain cloud infrastructure services, is going to go public via a Special Purpose Acquisition Corporation (SPAC) branded the Social Leverage Acquisition Corp I. (SLAC).
According to the transaction document, Social Leverage, a leading early-stage VC, is sponsoring the SLAC automobile. The estimated amount of funds to be raised by the SPAC is $100 million.
Another option for startups seeking to raise capital and trade on public bourses is to go public through a special-purpose acquisition entity.
They are often a faster-track option for potential entrepreneurs, provided they have the same business model as their sponsoring SPACs. According to the planned merger agreement, W3BCloud is on track to be listed on the New York Stock Exchange (NYSE).
W3BCloud is undoubtedly one of the promising firms that aims to become the Web3.0 ecosystems’ cloud infrastructure provider of choice. Currently, the startup meets the criteria for providing a high-quality supply chain and entry supply by integrating AMD technology. ConsenSys, which supplies the startup with software and protocol insights, is also a key partner of the startup.
Over time, the development of Web3.0 cloud infrastructure providers has evolved in a constrained manner. It is because crypto-based firms rarely utilize these decentralized cloud services, preferring instead centralized providers such as Microsoft Azure and Amazon Web Services (AWS).
W3BCloud aims to rewrite the narrative by establishing the appropriate data centres, the majority of which are in the United States. With the monies received and the remaining $345 million in its trust, the agency is exploring possibilities to strengthen its infrastructure.
W3BCloud is propelled by the enthusiasm of its creators and the expertise of Social Leverage’s veterans. W3BCloud is optimistic that its products have a large market potential, given the heightened demand for Web3.0 in the current era.