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NexGen Cloud invests USD14m to develop Europe’s largest decentralised storage project

NexGen Cloud, a Web 3.0 focused IaaS company, has made a USD14 million investment in the development of Europe’s Largest decentralised storage project.

This investment has enabled the development of two large-scale Filecoin storage operations located in Belgium and The Netherlands, featuring Tier III data centres across both sites. Over the coming 12 months, 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 also announced that it has entered into a swap with DARMA Capital, a CFTC-registered investment fund, supporting Web 3.0 technologies. The 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 an 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.

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