The Kwil platform could make it easier for Web2 developers to switch to Web3 if it is owned by the community.
The venture capital arm of cryptocurrency exchange FTX and Digital Currency Group (DCG), which is the parent company of CoinDesk, helped Kwil raise $9.6 million in a funding round, according to a new filing with the U.S. Securities and Exchange Commission on Thursday.
A job listing for Kwil on AngelList confirms that the round of funding ended in May. On Kwil’s website, Blockchange, AlleyCorp, and Amplify Partners are all listed as partners. This means that they are all backers of the company.
A news correspondent tried to get a comment from Kwil but hadn’t heard back by the time the paper went to press.
Kwil’s community-owned, decentralized platform, KwilDB, is built on SQL, which is a standard programming language for working with large databases. The solution shortens the time it takes to build an application by letting developers quickly run complex queries across multiple data sets and access data from other applications.
“By making SQL work with decentralized data, all developers can easily build on Web 3.0. “Whether you have a social network, a data analytics service, or a complex machine learning algorithm, you can move applications from Web 2.0 to Web 3.0 with KwilDB without changing your data or skills,” the Kwil team wrote on their website.