Share this article
Reddit’s Alexis Ohanian Leads $5.3M Round for Web 3 Startup QuickNode
The funding will be used to provide more tools for blockchain app developers and bring on new tech talent.
Updated May 9, 2023, 3:19 a.m. Published May 27, 2021, 1:00 p.m.
Make us preferred on Google
Blockchain development platform QuickNode has raised $5.3 million in a seed funding round led by Seven Seven Six, a VC firm created by Reddit co-founder Alexis Ohanian.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Softbank's Opportunity Fund, Arrington XRP Capital, Crossbeam, Anthony Pompliano are among those who participated.
The Miami-based startup, which has been building a Web 3 cloud platform to enable developers to more easily develop blockchain apps, will use the funding to expand its product range and provide more tools as cryptocurrency adoption continues to accelerate, said Dmitry Shklovsky, QuickNode co-founder.
The company is hiring new engineering and tech talent too, “to build a more high-performance, reliable service for our customers,” Shklovsky told CoinDesk.
Currently, QuickNode supports six blockchain networks – Ethereum, Bitcoin, xDai, Polygon, Binance Smart Chain and Optimistic Ethereum – with several more said to be in the pipeline.
Read more: Ethereum Scaler Arbitrum Is Launching Friday With Developer Support From Alchemy
Customers using the platform range from developers building non-fungible token (NFT) projects to large institutions managing billions of dollars in crypto assets, according to the firm. Notable clients include DappRadar, Curve (acquired by PayPal in early March) and NFT platform Rarible.
Ohanian’s ‘picks-and-shovels play’
In an interview with CoinDesk, Ohanian said that since becoming an early investor in Coinbase nine years ago, crypto and blockchain technology have come a long way.
“We have seen a huge boom in great developer teams that want to get started and build. QuickNode fills a really important [gap in the market] ... as more and more teams are building on the blockchain,” he said.
The Reddit co-founder described QuickNode as a “foundational technology” firm and a “picks-and-shovels play” from an investment perspective.
“Just like how Web 2 couldn’t have happened without cloud services like AWS, QuickNode will be the infrastructure for Web 3,” said Ohanian. “Having been an investor in crypto for nearly a decade myself, Seven Seven Six is very motivated to support startups lining themselves up to be the foundation of the new internet.”
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Circle faces first major 'threat' for institutional dollars from Tether’s USAT
While Circle's USDC has operated without a "credible domestic competitor," Tether's USAT has the potential to shake up the landscape, analysts said.
What to know:
- Analysts said USAT, the U.S.-focused stablecoin by Tether, could become the first credible domestic competitor to Circle's USDC token.
- USAT is "a threat to USDC" and could gain an edge through institutional partners and global USDT connectivity, Crypto is Macro Now's Noelle Acheson said.
- ClearStreet's Owen Lau called USAT “a manageable risk” for Circle, and noted potential "cannibalization" risk between Tether's two tokens.
Top Stories
