NexGen Cloud, a Web 3.0 focused IaaS company, has announced a $14m investment to fast-track its growth plans and increase its storage capabilities.
The investment has enabled the development of Europe’s largest decentralised storage project comprised of two large-scale Filecoin storage operations located in Belgium and The Netherlands, featuring Tier III data centres across both sites.
Over the course of the year, this landmark project will provide over 100 Petabytes of data storage capabilities aimed at managed service providers (MSPs), businesses and consumers seeking more affordable storage solutions, without having to compromise on security.
The company has entered into a swap agreement with DARMA Capital, a CFTC-registered investment fund, supporting Web 3.0 technologies. This multi-million-dollar swap agreement will enable NexGen Cloud to significantly increase its storage capacity and solidify its position as a leading storage provider on the Filecoin Network.
Filecoin is a revolutionary open-source, public Blockchain and decentralised storage platform. It was created by Protocol Labs and built on top of the InterPlanetary File System (IPFS).
Filecoin and IPFS were designed to make the internet more secure, efficient, more affordable and are recognised as key drivers behind the recent acceleration of the world’s transition to web 3.0.
James Slazas, Founder and CEO of DARMA Capital said, “We are excited to support NexGen’s ambitious roadmap for Filecoin data storage through our Use Swap. The capital-efficient access to FIL will enable NexGen’s active participation in the Filecoin Network which in turn, continues to expand the availability of decentralised data storage globally and fortifies this critical piece of blockchain infrastructure.”
Adjacent to the infrastructure project itself, NexGen Cloud are working very closely with the Filecoin creators, Protocol Labs, to improve how data is onboarded onto the network and integrated into traditional platforms such as AWS S3, Azure and Rubrik.
Chris Starkey, Founder and Director of NexGen Cloud, said: “Amidst rising concerns surrounding Big Tech’s unnatural monopoly of the cloud market and the current over-centralisation of data storage, the sector has been crying out for a more democratic and affordable solution. NexGen’s storage facility could not have come at a better time, and we are delighted to be working with DARMA Capital on this project.
“To date, 75% of global data storage is controlled by half a dozen companies, which not only reduces consumer choice, but also inevitably leads to inequitable prices in the sector. We expect our landmark decentralised storage facility to be a real eye-opener for businesses seeking alternatives – for example, our current offering enables long-term storage contracts that are 95% more affordable than Amazon S3’s solutions.
“Immutability, file fragmentation and decentralisation are just a handful of the default features enabled by the revolutionary Filecoin Blockchain technology. NexGen’s vision of the not-so-distant future is the creation of a frictionless bridge between Filecoin and other mainstream storage platforms, allowing for rapid adoption from existing solution providers without them having to change the way they operate.”
NexGen Cloud has ambitious growth plans and aims to expand its international footprint, having already earmarked key projects in the UK, France, Spain and Portugal throughout 2022/23.