QuickNode is prepared to meet the crypto economy's rising demand for blockchain-enabled products after raising $35 million in a series A funding round led by Tiger Global Management.
The capital injection will help the Miami-based company scale and capture a larger segment of the fast-growing crypto economy, which surpassed $2 trillion this year. Blockchain, a decentralized, digital ledger of tamper-proof transactions that is distributed across a network of computer systems, is the technology that supports everything from cryptocurrency to NFTs.
"Blockchain and cryptocurrency are eating the world," QuickNode co-founder Alex Nabutovsky said. "We are seeing businesses from all verticals looking at blockchain-enabled software rollouts in 2022 and beyond."
Nabutovsky founded QuickNode with fellow Miamians Auston Bunsen, Manuel Kreutz and Dmitry Shklovsky in 2017.
Seven Seven Six, an investment firm led by Reddit co-founder Alexis Ohanian; asset management firm Arrington XRP Capital; software company Crossbeam; and crypto investor Anthony Pompliano also participated in the funding round.
QuickNode makes it easy for companies and software engineers to set up and integrate with 10 blockchains, including Ethereum, Bitcoin and Binance Smart Chain. The company reports it gained 20 times more customers and revenue after graduating from Y Combinator, a Silicon Valley-based startup accelerator, in early 2021. QuickNode currently has 21 employees, with plans to boost hiring with its new investment capital.
Tiger Global Partner John Curtius said QuickNode is at the center of a "profound shift" already underway in the digital economy.
"We know that blockchains are experiencing a Cambrian explosion, but most of today's tooling and infrastructure doesn't meet the rapidly accelerating demand led by the enterprises enabling blockchain experiences for their customers," he said.
Backed by a total of $45 million in venture capital, QuickNode is one of 12 startups that received an investment this year from the SoftBank Miami Initiative, which funds venture-backed and late-stage growth companies in the South Florida area.
For more stories like this one, sign up for Miami Inno newsletters from the South Florida Business Journal and the American Inno network.
