In a significant move towards decentralization, Ethereum platform Infura has welcomed tech giants Microsoft and Tencent among others to its network. This step marks a crucial milestone in the evolution of Web3, a movement advocating for a more decentralized internet based on blockchain technology.
Infura, a product of ConsenSys, provides a suite of tools that aid developers in creating Ethereum apps. Its most popular offerings include the MetaMask cryptocurrency wallet and Infura itself. The platform is viewed as one of the key players that will power the Web.
The recent funding round saw ConsenSys raise $450 million, more than doubling its valuation to $7 billion. The investment round was led by ParaFi Capital, with Microsoft, Japan’s SoftBank, and Singapore’s Temasek also joining as new investors. This marks a rare crypto-related bet from Microsoft.
How Infura’s Partnership with Tech Giants Will Boost Web3 Development
The involvement of Microsoft and Tencent underscores the growing interest of tech firms in Web3. Last year, blockchain-based start-ups globally set a new record by securing $25 billion in venture capital funding. The tech world is abuzz with chatter and investment in this new decentralized version of the internet.
Infura offers a development suite that delivers immediate and scalable API access to the networks of Ethereum and IPFS. This allows developers to connect their apps to Ethereum and IPFS quickly and efficiently.
The partnership with Microsoft and Tencent is expected to bolster Infura’s commitment to decentralizing the remote procedure call (RPC) layer via their Decentralized Infrastructure Network (DIN) initiative. This initiative aims to serve a growing number of blockchain APIs with higher throughput, performance, and no single point of failure.
This collaboration is a significant step forward in the journey towards a decentralized internet. It not only validates the potential of blockchain technology but also signals a shift in the mindset of major tech companies toward embracing this new paradigm.
