W3BCLOUD, a joint venture between computer chip maker Advanced Micro Devices (AMD) and Ethereum solutions provider ConsenSys, has announced plans to go public.

This will be combined SPAC– Social Leverage Acquisition Corp I. The latter is listed on the New York Stock Exchange and has $345 million in trust.

We are excited to announce the plans for W3BCLOUD to go public. #SPACby combining with @social leverage to continue to develop our leadership #storage and computing infrastructure platform, power #web3. Read here 👉 https://t.co/Xx2udfLMHd

— W3BCLOUD (@W3BCLOUD) August 1, 2022

AMD, ConsenSys, SK Inc. and others pledged to provide an additional investment of $50 million. The combined firm has an estimated value of $1.25 billion.

AMD and ConsenSys announced in September 2019 the creation of a joint venture that will deal with cloud computing on the blockchain. The main customers are the DeFi sector, NFT-focused and metaverse projects and technology companies.

“This agreement will allow us to expand our support for Web3 developers and scale in line with expected strong economic growth. [сектора]”, – said the CEO of the firm Sami Issa.

In June 2020, W3BCLOUD raised $20.5 million through the sale of convertible bonds to founding companies and several family offices in the UAE.

Recall that in June ScienceMagic.Studios, a Web3 application consulting firm, raised $10.3 million. Funding was provided by Coinbase Ventures, Digital Currency Group, and billionaire Alan Howard.

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