Galaxy Digital and CoinFund Lead $3.5M Round of Funding for Dapp Cloud Computing Startup

Socket Supply Co. provides cloud computing tools for developers via decentralized cloud computing. A seed funding round was led by Galaxy Digital, CoinFund, and Galaxy Digital. PeerVC, Castle Island Ventures and 100 Acre Ventures were also involved.

Socket Supply CEO Paolo Fragomeni told CoinDesk in an email that the company plans to use the capital to “help other Web 3 products use our free and open-source solution for ‘dapps,’ a concept Web 3 has been promising but has been unable to deliver until now.”

Socket Supply Co. offers cloud computing solutions for web developers as well the open-source framework. The company’s goal is to make it easier to access legacy services like Amazon Web Services (AWS). A key part of Socket Supply’s strategy is to transition AWS users to a more distributed, peer-to-peer web,” Fragomeni said.

Socket Supply’s cloud console product, Operator Tools, is currently in alpha. This product allows developers to create web-based, decentralized desktop and mobile applications using peer-to–peer collaboration.

“Cloud computing allowed new companies to exist where they couldn’t before. It created a new market by offering infrastructure as a service,” said CoinFund CEO and founder Jake Brukhman in a press release. “Socket Supply brings cheaper, more secure, and more usable tooling based on Web 3 decentralization technology to the mass market of developers.”

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