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The AMD and ConsenSys blockchain project will receive $ 20 million in capital

June 26, 2020

“W3bcloud”, a blockchain project that is being carried out jointly by the large chip manufacturer AMD and the company based in Ethereum ConsenSys has raised $ 20.5 million in investment capital.

According to an announcement on June 25, AMD and ConsenSys’ joint project “W3bcloud” The funds were raised through the sale of convertible bonds to the founding companies and several family offices in the United Arab Emirates. Jörg Roskowetz, head of AMD’s blockchain business, said: “Parallel and distributed computing technology that focuses on blockchain use cases is a rapidly growing segment of the industry.”

The co-founder and W3bcloud CEO Sami Issa he said to Cointelegraph: “AMD It will develop the powerful hardware technologies required to optimize the decentralized computer infrastructure. ” ConsenSyson the other hand will provide blockchain software solutions and will participate in research and development efforts.

The need for infrastructure for a growing ecosystem

The AMD and ConsenSys blockchain project will receive $ 20 million in capitalThe AMD and ConsenSys blockchain project will receive $ 20 million in capital

Sami explained that the blockchain ecosystem requires an industrial computer infrastructure to scale and achieve massive application. He found that the infrastructure currently available in the cloud is not optimal for Ethereum transactions and decentralized tasks. He said the company is open to working on blockchain technologies other than Ethereum, but is currently focusing on this network due to the reach of its market.

This first round of financing is intended to fund the development of W3bcloud’s first Ethereum data centers. Issa stated that he believes the platform’s growing ecosystem requires such an infrastructure:

“An unreliable, license-free, and decentralized economy requires robust and dedicated data centers of the same size. W3BCLOUD brings leading GPU manufacturers and blockchain developers together to build the computing infrastructure for the blockchain economy.”

Issa said the company plans to provide a decentralized computing infrastructure for businesses. He also noted that the GPU infrastructure can be used for more traditional applications such as machine learning, storage, processing and video transcoding. He added that W3bcloud is already talking to multiple leads.

Cloud platforms are now offering blockchain solutions

As blockchain technology advances, Several cloud computing platforms offer services to take advantage of this new technology.

At the end of February 2019, the market for Google cloud platforms added, for example, the business-oriented ontology (ONT) cryptocurrency development software.