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Reddit co-founder invested $5.3M in QuickNode

QuickNode

Reddit co-founder Alexis Ohanian had made an investment of $5.3M in blockchain firm QuickNode through his venture capital firm Seven Seven Six. Other investors include SoftBank Opportunity Fund, Arrington XRP Capital, and Crossbeam. Alexis was also an early investor in the publicly listed crypto exchange Coinbase.

QuickNode is a Miami-based startup that was founded in 2017 by Dmitry Shklovsky. It is a Web 3 (blockchain-based internet) cloud platform that enables developers to easily develop blockchain apps. It is the second startup in a similar space that has raised capital. Earlier this week, blockchain development platform Reach had raised $12M in VC capital.

Developing blockchain applications are complex and tricky and it requires specialized skills in cryptography and distributed computing. Building and deploying distributed apps (DApps) on a blockchain is a slow process and transitioning between different them is even more cumbersome. Not to mention the learning curve involved in understanding different blockchain and its’s native language.

QuickNode sits between its users and the blockchains as an intermediary. It offers a suite of services that include application programming interfaces (APIs), which can be used to query blockchain data and facilitate the operation of decentralized applications. As of today, QuickNode’s platform supports integration with six networks: Bitcoin, Ethereum, xDai, Polygon (MATIC), Binance Smart Chain, and Optimistic Ethereum. 

QuickNode currently serves over 30 billion requests per month and grew its revenue by over 1000% in 2020. It is now a profitable business. Some of its notable customers include data analytic and market tracking firms CoinGecko, DappRadar, and Dune Analytics. Among other customers are the decentralized lottery provider PoolTogether and decentralized finance (DeFi) tokenization startup Fairmint. 

We are going to continue expanding our platform, building features and higher-level abstractions to help developers save time, save money, get to market quickly and build the best version of their applications

Dmitry Shklovsky, co-founder and co-CEO of QuickNode

QuickNode is going to scale up its business to support more blockchains and they have about half dozen additional blockchain networks in the pipeline for integration.

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