Blockchain development platform QuickNode has closed a $60 million round of funding as part of a global expansion aimed at bringing more users and developers to Web3 applications.

The Series B raise, which valued QuickNode at $800 million, was led by venture capital firm 10T Fund, with participation from Tiger Global, Seven Seven Six and QED, the company announced Jan. 24.

QuickNode’s management said the capital would finance its global expansion and expedite the transition to Web3 “at scale,” including providing developers with the implementation capacity needed to onboard new blockchain users.

Series B was the company’s biggest funding round since October 2021, when it raised $35 million as a seven-month startup. Between increases, QuickNode claims to have increased its user base by more than 400%. The company currently provides infrastructure services for more than 16 blockchains, including Ethereum, Matic, Optimism, Arbitrum, and Solana.

Venture capital funding for blockchain projects has recently dried up, but Web3-focused works continue to attract interest. As Cointelegraph reported, Hong Kong investment fund HashKey Capital recently closed a $500 million funding round to support emerging projects in the Web3 arena.

When asked about the current environment for venture capital, QuickNode COO Jackie Kennedy told Cointelegraph: “The funding climate has indeed changed, where funds are changing their criteria on who and what to invest in […] Investors are focusing more on efficiency metrics like breakeven, gross margins, and excessive growth at all costs.”

Related: Crypto Could Solve VC Due Diligence Problem: VC Exec

By the third quarter of 2022, Web3 projects accounted for approximately 44% of blockchain funding deals, according to Cointelegraph Research. The caveat is that a universally agreed definition of Web3 remains illusory. For now, the concept refers to some future iteration of the internet that is more decentralized, permissionless, and user-centric.

In a written response to Cointelegraph, QuickNode co-CEO and co-founder Dima Shklovsky described Web3 as a “version of the web that leverages blockchain technology to improve ownership, trust, governance, value exchange, and privacy.” “, adding that “it is the Internet for the modern world”.