QuickNode Inc., a blockchain infrastructure and end-to-end development platform for Web3 builders, said today that it has raised $60 million in new funding led by 10T Holdings to scale up the company’s capabilities and hire more developers.
The Series B funding round also saw participation from Tiger Global, Seven Seven Six, Protocol Labs and QED. The round comes just over a year after QuickNode raised $35 million in a Series A funding led by Tiger Global in late 2021 and brings the valuation of the company to $800 million.
The company’s platform provides developers with the tools and infrastructure needed to launch decentralized applications on blockchain networks, also known as Web3 dapps. These types of apps allow users to engage in peer-to-peer transactions using cryptocurrency tokens without the need for centralized authorities such as banks and can create financial ecosystems such as securities trading, loans and interest generation without intermediaries. They can also be used to create games, social media, shopping networks and more that can use these tokens.
Using its platform, developers get access to high-performance, cloud-based, low-latency application programming interfaces that allow them to swiftly create dapps with little effort and launch them on more than 16 different blockchains and 33 different networks.
QuickNode is raising these funds in spite of continuing depressed cryptocurrency markets, which company co-founder and Chief Executive Alex Nabutovsky told SiliconANGLE in an interview did little to affect developer interest in the platform. In fact, he added, the second half of 2022 brought a significant amount of business to the platform.
“There are more developers than ever building in the Web3 space, and so I think folks are no longer just building off the concept of whitepapers and what have you, I think they’re acting on ideas and building from feedback now,” Nabutovsky said. “There’s a lot of stuff being built and a few amazing projects on QuickNode right now that I can’t wait to see when they are live.”
Since the company’s last funding round, QuickNode has grown its user base by over 400%. That follows a common saying in the blockchain industry that “bear markets are a time for builders.”
QuickNode claims that it can achieve up to 99.99% uptime, depending on the plan, a capability delivered by scaling up on multiple clouds. The platform also handles more than 200 billion application programming interface requests per month and can scale up to meet demand for enterprise customers at any volume needed.
As a result, Nabutovsky believes, this has made the platform the preferred development platform for large and small Web3 companies. Examples of customers that have used QuickNode’s tools include the nonfungible token marketplaces OpenSea and Rarible, blockchain analytics websites DappRadar and Dune Analytics, and blockchain analytics platform Nansen.
Nabutovsky said the new funding will go to expanding the platform’s capabilities in adjacent ways to development, such as allowing customers to store their data and compute it as well, since blockchain data is both complex to read and store. He added that the company will be expanding its current team of 120 employees by an additional 90 members across eight different countries, especially focused on engineering and marketing.
“We have more demand today from enterprise companies than we can handle with the current size of the team and it’s a really good problem to have,” said Nabutovsky.
With this new cash on hand, Nabutovsky said, he thinks the future is bright for QuickNode and he sees blockchain adoption only expanding even faster. And catching the wave of mass adoption in 2023 he sees coming will mean helping customers scale and develop apps on their own terms.
“When you think about QuickNode, we want it to be synonymous with ‘Let’s QuickNode that,’” Nabutovsky said. “Anything you want to do in the future web, QuickNode should have a solution for you, whether you are a startup or a Web2 or Web3 giant or what have you. You should have a data solution from the get-go — similar to what Shopify did for Web2.”
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