W3BCLOUD, a joint venture between computer chip maker Advanced Micro Devices (AMD) and Ethereum solution provider ConsenSys, has announced plans to go public.
This will happen through a merger with SPAC – Social Leverage Acquisition Corp I. The latter is listed on the New York Stock Exchange and has $ 345 million in trust.
AMD, ConsenSys, SK Inc., and others pledged to provide an additional investment of $50 million. The estimated value of the combined firm is $1.25 billion.
The creation of a joint venture that will deal with cloud computing on the blockchain, AMD, and ConsenSys was announced in September 2019. The main clients are the DeFi sector, NFT-oriented and metaverse projects, and technology companies.
“This transaction will allow us to expand support for Web3 developers and scale in line with the expected significant growth of the [sector] economy,” said CEO Sami Issa.
In June 2020, W3BCLOUD raised $20.5 million by selling convertible bonds to the founding companies and several family offices in the UAE.