Renowned blockchain development platform, Quicknode has completed a $60 million funding round. The firm announced the development in its Tuesday Twitter post. According to the developer of blockchain, it embarked on the funding round to aid its global expansion, geared towards onboarding more users and developers to web3.
Occasioned by the funding round, the value of QuickNode has now skyrocketed to $800 million. Notably, the round was led by venture capital firm, 10T Fund. Other participants include Tiger Global, Seven Seven Six and QED.
Meanwhile, according to the announcement, QuickNode plans to harness the funding to streamline its transition to web3. This, as revealed, entails availing developers with the deployability necessary to onboard new blockchain users. Worthy of note that the blockchain developer believes the funding would help fuel its next phase of growth and development. Through the raised funds, it aims to solidify its place as the most performant blockchain development platform.
QuickNode describes its latest funding round amid bear market as a tedious task
According to QuickNode, raising amid the prevailing bear market remains one of the most challenging tasks for the firm. But, it believes such effort illustrate the resilience, strength and the ability of the firm to weather any storm. In recent times, the blockchain development firm shined in both operational and technological aspects. It developed new products and also secured the trusts of top investors as proven in this funding.
Since 2021, this $60 funding round has been the most important funding round for the firm. Recall that in October, 2021, it raised $35 million despite running as a seven month-old startup. According to QuickNode, it put the fund into use in 2022. Then, it scaled its team by 300% and grew its user base by 400%. More so, it also leveraged on the funding to scale the platform to include six additional chains and over ten new networks. Beyond this, the funding allowed the firm to acquire NFT analytics and data platform, icy.tools, achieve SOC2 compliance and ship five new products including NFT and Token API, GraphQL API, QuickAlert Webhooks and the QuickNode marketplace.
Remarkably, QuickNode believes in the mainstream adoption of web3 and blockchain technologies. Occasioned by its latest funding, it hopes to aid the embracement of blockchain technologies by enterprises. Further, it seeks to help them keep up with the rapid pace of change in the web3 space. It is noteworthy that the blockchain firm wants to empower new companies and creators through the expansion of its startup and venture capital programs. It takes a duty in educating and paving the pad for the seedlings of at least 500 companies of tomorrow.