CoinFund, Galaxy Digital Lead $3.5M Round for Dapp Cloud Computing Startup
Socket Supply Co. offers cloud computing tools and open source architecture for decentralized application developers.
Socket Supply Co., which offers decentralized cloud computing tools for developers, has raised $3.5 million in a seed funding round led by CoinFund and Galaxy Digital. Other participants included Castle Island Ventures, PeerVC and 100 Acre Ventures.
Socket Supply CEO Paolo Fragomeni told CoinDesk in an email that the company plans to use the capital to “help other Web 3 products use our free and open source solution for ‘dapps,’ a concept Web 3 has been promising but has been unable to deliver until now.”
Socket Supply Co. offers a suite of cloud computing applications for web developers and the underlying open source framework. The company aims to make legacy services such as Amazon Web Services (AWS) easier to use. A key part of Socket Supply’s strategy is to transition AWS users to a more distributed, peer-to-peer web,” Fragomeni said.
Socket Supply’s cloud console product, Operator Tools, is currently in alpha. The product offers real-time, peer-to-peer collaboration features that allow developers to build decentralized desktop and mobile apps with fully web-based technology.
“Cloud computing allowed new companies to exist where they couldn’t before. It created a new market by offering infrastructure as a service,” said CoinFund CEO and founder Jake Brukhman in a press release. “Socket Supply brings cheaper, more secure, and more usable tooling based on Web 3 decentralization technology to the mass market of developers.”
Read more: What Is a Dapp? Decentralized Apps Explained
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.