A joint venture between computer chip maker AMD and Ethereum solution provider ConsenSys, W3BCLOUD, has announced it plans to go public.
According to the announcement, this will happen through a merger with SPAC-company Social Leverage Acquisition Corp I, which is listed on the New York Stock Exchange and has $345 million in trust.
AMD, ConsenSys, SK Inc. and others pledged to provide an additional investment of $50 million. The estimated value of the combined company is $1.25 billion.
AMD and ConsenSys announced in September 2019 the creation of a joint venture that would deal with cloud computing on the blockchain. The main clients are the DeFi sector, NFT-oriented and metaverse projects, as well as technology companies.