QuickNode, a comprehensive development platform that helps developers bring their Web3 ideas to life, announced today that it has raised $60 million in new funding to accelerate its vision.

The Series B round, which gives the startup a valuation of $800 million, bucks the trend of reducing the sums of money flowing to Web3 companies amid the current cryptocurrency bear market.

In the fourth quarter of 2022, cryptocurrency and blockchain companies raised $2.7 billion in total in 366 deals, according to galaxy research—a drop of more than 50% compared to the previous quarter.

It represented the lowest level of quarterly capital investment in the space in almost two years, amid falling cryptocurrency prices and plummeting confidence in the industry. But with its focus on useful tools and infrastructure to power the next wave of Web3 builders, QuickNode found investors willing to help the startup realize its ambitions.

The QuickNode round was led by 10T Holdings, a blockchain-focused investment house that is known as a key investor in many of the largest companies in the space, including Kraken, Animoca Brands, and Gemini. The round also included the participation of world tiger, Seven Seven Six by Reddit co-founder Alexis Ohanian, Protocol Labs and QED, among others.

Founded in 2017, QuickNode provides blockchain development tools that work on 16 notable Web3 protocols, including Ethereum, Bitcoin, Ethereum scaling network Polygon, Binance’s BNB Chain, Solana, Fantom, Celo, NEAR, and xDAI.

“At QuickNode, we strongly believe in Web3 as the future of the Internet,” said co-founder and CEO Alex Nabutovsky. “Blockchain adoption and development continues to increase year-over-year, and we expect continued momentum in the space.”

QuickNode’s development tools include a comprehensive set of APIs for connecting decentralized applications (dapps) to major blockchains, along with SOC 2-certified security and analytics capabilities with end-to-end support. The platform is ideal for bringing existing Web2 creators into the burgeoning decentralized world of Web3.

The $60 million increase will be used to fuel QuickNode’s global expansion, as well as enable the company to double global hiring and host community-driven events and workshops.

The company will also use the capital to develop its QuickNode Marketan online platform that allows users to browse and buy supplements from the marketplace by chain, network, or type.

QuickNode has been attracting large-scale investor attention for quite some time. In October 2021, the company announced a $35 million Series A funding round led by Tiger Global. Since then, the company said it has increased its user base by more than 400% and expanded its team by hiring 90 new employees in eight countries.

Unfazed by the recent market turmoil, Nabutovsky highlighted how many of his clients take a “we build in a bear market” approach, adding that he is delighted with the adoption he has seen on the platform in recent months.

Additionally, Nabutovsky expects to see “mass adoption of blockchain technology in 2023 and for the rest of the decade.”