Kwil Receives $9.6M Capital From FTX And DCG

Decentralized database infrastructure provider Kwil has generated $9.6 million in a funding round co-led by the investment arm of Sam Bankman-Fried FTX and venture capital firm Digital Currency Group (DCG). According to a filing with the United States Securities and Exchange Commission (SEC), the funding round closed at exactly $9,674,000. 

Blockchange, AlleyCorp, and Amplify Partners backed the Kwil $9.6 million round that closed in May 2022. Currently, on the company’s official website, all these firms including FTX Ventures, DCG, Arweave, SevenX Ventures, FJ Labs, NGC Ventures, Foresight Ventures, NxGen, Formless Capital, Mask Network, and a host of many others are listed as Partners. 

Kwil is the first decentralized SQL database for data-intensive decentralized applications (dApps) and protocols. The company’s interest is mainly in databases, cloud data services, data, blockchain/cryptocurrency, and Web3.0.

Noteworthy, Kwil operates a decentralized community-propelled platform known as KwilDB.  This KwilDB community platform is based on a domain-specific programming language, Structured Query Language (SQL) which is used for interactions between large databases.

Kwil Offers SQL Solution For Data

While SQL is used to store, manipulate, and recover data in large databases, it is typically used to manage data held in a relational database management system.

With its unique design, the SQL solution helps users to find a quick fix to complex queries by providing them with data sets including access to data on other applications. In turn, users are able to present an application result faster than expected seeing that the solution reduces application development time.

According to the Kwil website,

“By extending SQL to decentralized data, building on Web 3.0 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 2.0 to Web 3.0 with KwilDB requires no changes to your current data or skill set.”

Meanwhile, FTX, one of the backers in the fund, is considering raising $1 billion to increase its valuation to $32 billion. Even as FTX keeps raising funds, it is keen on giving back to the crypto community, especially to the many firms like BlockFi that have nearly faced bankruptcy recently owing to the crypto winter and exposure to bad market decisions.