QuickNode, a blockchain Infrastructure as a Service (IaaS) provider, secures $35 million in a Series A funding round led by Tiger Global.
The new funding round also witnessed participation from Alexis Ohanian’s Seven Seven Six, Soma Capital, Arrington XRP Capital, Crossbeam and Anthony Pompliano.
Thie Series A funding announcement follows the company’s Seed Round in March 2021 of $5.3 million, as well as other strategic investments, bringing the total capital raised to just over $45 million.
What is QuickNode?
QuickNode makes it easy for companies and software engineers to quickly set up and integrate with blockchain technology infrastructure, making a time-consuming and expensive endeavor available in just a few minutes.
Alex Nabutovsky, Co-founder of QuickNode, said:
“Blockchain and cryptocurrency are eating the world. We are seeing businesses from all verticals looking at blockchain enabled software roll out in 2022 and beyond. It’s beautiful to see the foundation of the new internet happening right before our eyes.”
The crypto startup plans to use the fund to grow the company’s services by allowing them to support new chains and further expanding the product offering, which will continue to provide the tools developers need to grow and scale operations as crypto adoption continues to accelerate.
QuickNode also stated that it has added support for new chains at a break-neck pace of about 1 per month throughout all of 2021.
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Blockchain Infrastructure Demand Is Growing Rapidly
The demand for blockchain infrastructure is growing rapidly as businesses look to bring efficiency and transparency in their existing systems.
QuickNode also revealed that the demand for its blockchain infrastructure platform skyrocketed this year as companies continue to adopt blockchain technology as part of their product strategy.
According to Markets and Markets research, the global demand for blockchain technology infrastructure is growing at a CAGR of about 67%, and the research firm predicts it to reach $39.7 billion by 2025.