Polychain Capital Leads $25 Million Fundraise For The Web3 Developer Platform Fleek
On Thursday, Fleek, an online community for Web3 developers, announced that it had raised $25 million in Series A funding. Leading the Series A round of funding for Fleek was Polychain Capital.
Polychain Capital is a well-known investor in Bitcoin protocols and companies that use Web3 technologies globally. Other notable investors in the funding round were Arweave, Digital Currency Group, Distributed Global, Argonautic Ventures, North Island Ventures and Protocol Labs.
Developing A Decentralized Web3 Platform
The Fleek team plans to develop a protocol-agnostic, decentralized hosting and content delivery platform for the Web3 space. The company plans to introduce the Fleek Network, its decentralized Web3 platform, by early 2023 to reduce reliance on centralized Web2 storage and hosting companies.
It is possible to host and save webpages using this Web3 development platform. The current Fleek platform was primarily developed using leading Web2 infrastructure providers like AWS and Cloudflare.
Hence, complete Web3 hosting and content delivery decentralization have yet to be achieved. Fleek Network, which will debut in 2023, will deliver Web3 applications and content in a genuinely decentralized and censorship-resistant manner.
“Fleek is contributing a critical missing component to deliver a genuine decentralized Web3 experience,” claims Harrison Hines, co-founder and CEO of Fleek. To fulfil the promise of creating a truly decentralized internet, the firm says it would supply developers and organizations with an easy means for Web3 hosting and content distribution via Fleek Network.
Currently, many Web3 efforts rely on well-known cloud platforms like AWS and Cloudflare to host and serve data for their websites, dApps, and NFTs. That’s why they’re vulnerable to the centralized standards of Web2 development, hosting, and content delivery.
However, Fleek is building a 100% decentralized content delivery network to enable top content distribution without censorship restrictions. Thus, it solves one of the primary points of failure in the Web3 sector.
Olaf Carlson-Wee, founder and CEO of Polychain Capital, stated, “we are ecstatic to support the team in their initiatives to incorporate Fleek’s technology into the cryptocurrency ecosystem deeply.” Carlson-Wee further said that the top Web3 storage protocols, like Filecoin, IPFS, and Arweave, have invested in the platform.
Their investment demonstrates that the industry understands the need for efficient, decentralized content acceleration and delivery.
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