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W3BCLOUD, a joint venture between ConsenSys and AMD said it plans to go public by merging with a blank-check firm that would value the company at $1.25 billion.
According to Reuters, the venture will merge with Social Leverage Acquisition Corp I (SLAC.N) and will fetch up to $345 million in proceeds. The report says that the parties plan to eventually invest in W3BCLOUD up to $50 million.
ConsenSys Announces Partnership Between Infura and Near Protocol
Once W3BCLOUD goes public in the US, the combined entity will be led by Sami Issa, with Joseph Lubin, founder of ConsenSys, to remain on the board of directors.
