web3 development platform QuickNode announced Wednesday that it closed $60 million in Series B funding. The round was led by 10T holdings with the participation of Protocol Labs, Global Tiger Management Y seven seven six. The company is now valued at $800 million.

The Miami-based startup’s recent round comes on the heels of its $35 million Series A raise in 2021. In the span of a year, QuickNode grew its user base by 400% and currently provides infrastructure for 16 blockchains.

The tangled web of Web3

The bustling world of Web3 has grown since Ethereal co-founder gavid wood uttered the word in 2014 to describe a future of the internet that would exist entirely on the blockchain.

In 2022, US-based startups in the Web3 space raised about $2.3 billion, the best year in the industry and more than double what it raised in 2021, despite every other industry facing a sharp setback in funding. Web3 has led to the rise of companies like one blocka developer of blockchain technology that has raised $4.1 billion since it started in 2016.

But the industry today faces a much more hostile reality. Funding for Web3 startups plummeted by 74% in the fourth quarter of 2022. FTXthe crypto trading network that raised billions of dollars only to go broke in a public meltdown, it was one of several blockchain-related companies that ran into trouble last year.

Despite this, QuickNode said its revenue grew 300% in the last year. And in a statement, the CEO Alex Nabutovsky said that the path to Web3 was inevitable.

“The industry is about to enter its next era, and with this surge, we are preparing for mass adoption of blockchain technology in 2023 and for the rest of the decade,” Nabutovsky said. “We are proud to help our clients scale to their full potential and move the industry forward.”

Illustration: Dom Guzmán