- The company’s platform gives developers the tools and infrastructure they need to launch decentralized applications on blockchain networks, also known as Web3 dapps.
- Developers can use its platform to access high-performance, cloud-based, low-latency application programming interfaces that let them make dapps quickly and easily and launch them on more than 16 blockchains and 33 networks.
QuickNode Inc. is an end-to-end development platform and blockchain infrastructure for Web3 builders. The company recently announced that it has raised USD 60 million in new funding, led by 10T Holdings, to expand its capabilities and hire more developers.
Seven Seven Six, Tiger Global, Protocol Labs, and QED were also part of that Series B round. The round comes a year after QuickNode raised USD 35 million in a Series A funding round led by Tiger Global in late 2021. It brings the company’s value up to USD 800 million.
The company’s platform gives developers the tools and infrastructure they need to launch decentralized applications on blockchain networks, also known as Web3 dapps. These apps let users do peer-to-peer transactions using cryptocurrency tokens without the requirement of centralized authorities like banks. They can also create financial ecosystems like trading securities, lending money, and making interest payments without the need for middlemen. They can also be used to make games, social media, shopping networks, and more that can use these tokens.
Developers can use its platform to access high-performance, cloud-based, low-latency application programming interfaces that let them make dapps quickly and easily and launch them on more than 16 blockchains and 33 networks.
Even though cryptocurrency markets are still down, QuickNode is raising these funds. Co-founder and CEO Alex Nabutovsky stated in an interview that developers are still interested in the platform. He said the platform got a lot of business in the second half of 2022.
Nabutovsky said, “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. 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 last funding received by the company, the number of people using QuickNode has grown by more than 400%. In the blockchain industry, there is a saying that “bear markets are a time for builders.”
QuickNode asserts that, depending on the plan, it may achieve uptimes of up to 99.99% by scaling across many clouds. Additionally, the platform manages more than 200 billion application programming interface requests every month and is scalable to meet any demand from commercial customers.
According to Nabutovsky, this platform is most preferred as the development framework for major and small Web3 enterprises. Customers who have utilized QuickNode’s capabilities include the nonfungible token markets OpenSea and Rarible, the blockchain analytics platform Nansen, and the blockchain analytics websites DappRadar and Duns Analytics.
Since blockchain data is both difficult to read and store, Nabutovsky stated that the new funds would help improve the platform’s capabilities in areas adjacent to the development, such as enabling users to store and calculate their data. He stated that the company would add 90 new staff members across eight countries to its 120 employees, emphasizing engineering and marketing.
Nabutovsky said, “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.”
With this extra funding, Nabutovsky is optimistic about the future of QuickNode and envisions blockchain use spreading even more rapidly. He predicts the wave of widespread acceptance will occur in 2023, which will mean assisting customers in scaling and developing apps on their terms.
Nabutovsky said, “When you think about QuickNode, we want it to be synonymous with ‘Let’s QuickNode that.’ 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.”