UK-based Web3 infrastructure company NexGen Cloud has invested $14m (£10.6m) into the development of the “largest” decentralised storage project in Europe.
The investment, shared exclusively with UKTN, has enabled the development of two large-scale Filecoin storage operations in Belgium and the Netherlands, with tier III data centres across both sites.
Filecoin is an open-source blockchain storage platform created by Protocol Labs that allows users to split and store their data across multiple hard disks, thereby decentralising the storage of data.
The company is aiming to challenge the dominance of centralised hyperscale cloud providers such as Amazon Web Services (AWS).
NexGen Cloud has been working closely with Filecoin creator Protocol Labs, to improve how data is onboarded onto the network and integrated into traditional cloud platforms such as AWS S3, Azure and Rubrik.
The project’s goal is to eventually provide over 100 petabytes of data storage capabilities for managed service providers (MSPs), as well as businesses and consumers.
“Amidst rising concerns surrounding Big Tech’s unnatural monopoly of the cloud market and the current over-centralisation of data storage, the sector has been crying out for a more democratic and affordable solution. NexGen’s storage facility could not have come at a better time,” said NexGen Cloud founder and director Chris Starkey.
“To date, 75% of global data storage is controlled by half a dozen companies, which not only reduces consumer choice but also inevitably leads to inequitable prices in the sector.”
NexGen Cloud has also announced it is has entered into a multi-million-dollar swap agreement with DARMA Capital – an investment fund focusing 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 DARMA Capital founder and CEO James Slazas.
“The capital-efficient access to FIL will enable NexGen’s active participation in the Filecoin Network which in turn, continues to expand the availability of decentralised data storage globally and fortifies this critical piece of blockchain infrastructure.”
NexGen Cloud is looking to develop future projects in the UK, France, Spain and Portugal during the next two years.