FTX Ventures, DCG Back $9.6M Funding for Decentralized Database Solution Kwil
The community-owned platform could make it easier for Web2 developers to move into Web3.
Kwil, a decentralized database infrastructure provider, raised $9.6 million in a funding round backed by heavy-hitters such as the venture capital arm of cryptocurrency exchange FTX and Digital Currency Group (DCG), the parent company of CoinDesk, according to a new filing on Thursday with the U.S. Securities and Exchange Commission.
An AngelList job listing for Kwil confirms that the funding round closed in May. The list of Kwil backers also includes Blockchange, AlleyCorp and Amplify Partners, who are all listed as partners on the company’s website.
CoinDesk reached out to Kwil for comment but hadn’t received a response by press time.
Kwil's decentralized, community-owned platform - called KwilDB - is based on SQL, a standard programming language for interacting with large databases. The solution cuts down on application development time by allowing developers to quickly execute complex queries across data sets plus access data from other applications, according to the website.
“By extending SQL to decentralized data, building on [Web3] becomes native to all developers. Whether you have a social network, a data analytics service, or a complex machine learning algorithm, porting applications from [Web 2] to [Web3] with KwilDB requires no changes to your current data or skill set,” wrote the Kwil team on the website.
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