UK-based Web3 infrastructure company NexGen Cloud has invested $14m (£10.6m) in developing Europe’s “largest” decentralized storage project.
The investment, shared exclusively with UKTNenabled the development of two large-scale Filecoin storage operations in Belgium and the Netherlands, with Tier III data centers at both locations.
Filecoin is an open-source blockchain storage platform created by Protocol Labs that allows users to split and store their data across multiple hard drives, thereby decentralizing data storage.
The company aims to challenge the dominance of large-scale centralized cloud providers such as Amazon Web Services (AWS).
NexGen Cloud has worked closely with the creator of Filecoin Protocol Labs, to improve how data is networked and integrated with traditional cloud platforms such as AWS S3, Azure and Rubrik.
The project’s goal is to eventually deliver more than 100 petabytes of data storage capacity to managed service providers (MSPs), as well as enterprises and consumers.
“Amid growing concerns surrounding Big Tech’s unholy monopoly in the cloud market and the current overcentralization of data storage, the industry has been calling for a more democratic and affordable solution. NexGen’s storage facility couldn’t have come at a better time,” said Chris Starkey, Founder and Director of NexGen Cloud.
“As of today, 75% of global data storage is controlled by half a dozen companies, which not only reduces consumer choice, but also inevitably leads to unfair pricing in the industry.
NexGen Cloud also announced that it has entered into a multi-million dollar swap agreement with DARMA Capital – an investment fund focused on Web3 technologies – to increase its storage capacity.
“We are excited to support NexGen’s ambitious roadmap for Filecoin data storage through our Use Swap,” said James Slazas, Founder and CEO of DARMA Capital.
“Capital-efficient access to FIL will enable NexGen’s active participation in the Filecoin network which, in turn, continues to expand the availability of decentralized data storage globally and strengthens this essential piece of the infrastructure of the blockchain.”
NexGen Cloud is looking to develop future projects in the UK, France, Spain and Portugal over the next two years.