Wael Aburida
Wael Aburida, Co-founder and Chief Investment Officer at W3BCLOUD. Image Credit: W3BCLOUD

Dubai: W3BCLOUD has completed its initial close of $20.5 million in convertible notes from Advanced Micro Devices (AMD) and ConsenSys, along with several family offices in the UAE. With this first round of funding, the company will ramp up and operate its first Ethereum blockchain data centers.

Its network of decentralized data centers will spread out further as more funding is raised.

The economic dislocation of 2020 coupled with the global dollar shortage sparked a significant increase in dollar-backed stablecoins transactions on the Ethereum blockchain.

“The trust-less, permission-less and decentralized economy requires robust and dedicated data centers to scale,” said Wael Aburida, Chief Investment Officer. “W3BCLOUD brings together the pre-eminent GPU manufacturer and the leading blockchain developer to build the compute infrastructure for the blockchain economy.”