Kwil, a decentralized database infrastructure provider, has received a large investment, according to a new document. It has raised $9.6 million in a funding round backed by major companies like Bitcoin and altcoin exchange FTX’s venture capital arm and Digital Currency Group (DCG). Here are the details…
The platform received support from BTC and altcoin investors
An AngelList job listing for Kwil confirms that the funding round closed in May. The list of Kwil supporters also includes Blockchange, AlleyCorp and Amplify Partners, all of which are listed as partners on the company’s website. Kwil’s decentralized, community-owned platform relies on SQL, a standard programming language for interacting with large databases. This is called KwilDB. It reduces application development time by allowing developers to quickly run complex queries across datasets and access data from other applications, according to the website. The website includes the following statements:
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, moving applications from Web 2.0 to Web 3.0 with KwilDB does not require any changes to your existing data or capabilities.
Is SBF back to buy back crypto firms?
Investing in Kwill, FTX brought to mind the purchases of the company’s CEO, Sam Bankman-Fried (SBF), for crypto companies. Earlier this week, it was reported that Binance and FTX are competing to buy Voyager assets. The most recent U.S. Securities and Exchange Commission (SEC) filing, dated September 22, showed the total bid amount to be $9,674,000. The statement said that the nature of the investment is in the form of equity. Along with FTX, Digital Currency Group (DCG) is said to be part of the $9.60 million funding round.
According to Kwil, FTX is a partner investing in various Blockchain projects. According to the platform, “FTX is one of the largest crypto exchanges in the world. He uses his venture arm to invest in projects across all verticals of blockchain technology.” However, FTX’s new acquisition offer is subject to SEC scrutiny. The SEC said it did not necessarily review the information in the file.
FTX’s UK barrier
Recently, British authorities issued warnings against the use of Sam Bankman-Fried’s FTX crypto exchange. The country’s Financial Conduct Authority (FCA) said that FTX offers products and other services without any authorization. This came amid the acceleration of guidelines on this crypto-asset industry, which is not regulated by the country’s regulators. Earlier this year, SBF said it is open to acquiring more firms, including crypto miners.
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