Kwil, a decentralized database solution, raised $9.6 million in a funding round backed by heavy-hitters, including the venture capital wing of leading cryptocurrency exchange FTX and Digital Currency Group (DCG), the parent company of CoinDesk.
Kwil’s Latest Funding
According to a new filing on Thursday with the U.S. Securities and Exchange Commission, the community-owned platform aims to make it easier for Web2 developers to move into the Web3 space and has attracted the attention of some big players in the crypto space.
Among the backers was FTX Ventures, confirmed by an AngelList job listing on Kwil, stating the funding round closed in May. As well as the aforementioned DCG, other backers listed are Blockchange, AlleyCorp, and Amplify Partners, all companies listed on the Kwil website.
Kwil provided a unique decentralized, community-owned platform called KwilDB, based on SQL, a standard programming language for interacting with large databases. The business cuts down on application development time, providing developers with a means to quickly execute complex queries across various data sets, including access to data from other applications.
Taking a quote from the Kwil website, the solution operates “By extending SQL to decentralized data, building on Web 3.0 becomes native to all developers. Whether you have a social network, a data analytics service, or a complex machine learning algorithm, porting applications from Web 2.0 to Web 3.0 with KwilDB requires no changes to your current data or skill set.”
Other FTX Ventures
This month, we’ve already seen FTX Ventures acquire a 30% stake in Anthony Scaramucci’s SkyBridge Capital. FTX’s CEO Sam Bankman-Fried has been actively looking to expand the company's interests during the crypto winter. Not only that, but FTX has also been looking to begin operating its services overseas, acquiring licenses in Europe and the Middle East.
Bankman-Fried is also the CEO of crypto trading operation Alameda Research, which provided $200 in revolving credit to Voyager Digital before the company went bankrupt. The CEO is now looking to acquire Voyager Digital’s assets but has to duel it out with Binance, with both companies circling as the favorites to buy up what’s left of the company.
FTX carried out a similar deal with BlockFi earlier in the year, offering lending platform BlockFi with $400 million in revolving credit and an option to buy it up to $240 million.