February 5, 2023

Quicknode Raises $60M To “Incentivize Blockchain Adoption”

Company Quicknodeinfrastructural development Web3, raised $60 million in Series B funding, according to an announcement made by the company on Tuesday. The capital injection brought the company's post-valuation value to $800 million, the funds will be used to “further development of the blockchain”. Quicknode is aiming to streamline the Web2-to-Web3 move with $60 million in Series B funding led by 10T Holdings.

Other investors participating in the round included QED, Tiger Global, Alexis Ohanian's Seven Seven Six, and Protocol Labs.

Quicknode also raised $35 million as part ofSerie A in October 2021. This round was led by Tiger Global and also featured Seven Seven Six, Soma Capital, Arrington XRP Capital, Crossbeam and Anthony Pompliano. Quicknode claims to process “billions of blockchain accesses daily with a response time 2x faster than the competition.”

The company also plans to hire new employeesand develop Web3 offerings for the Quicknode marketplace. Despite the crypto winter, the company added that “Over the past year, QuickNode has shown significant growth, with revenue increasing by more than 300%.” “At Quicknode, we strongly believe in Web3 as the future of the web,” Alex Nabutovsky, CEO and co-founder of QuickNode, said in a statement.

“Blockchain adoption and development continues to growfrom year to year, and we expect further development in this direction. The industry is about to enter its next era and with this boost, we are gearing up for the mass adoption of blockchain technology in 2023 and throughout the rest of the decade.