Impossible Cloud Network Launches Mainnet and Token, Raises $34M at $470M Valuation

Impossible Cloud Network (ICN), a decentralized cloud infrastructure provider, launched its mainnet and native token on Thursday following a $34 million funding round that values the company at over $470 million.

The new token, ICNT, is now trading on several major exchanges, including Binance, Kraken, Bybit, Bitget, and others. Token holders can use ICNT to help secure the network, stake for rewards, or support cloud-based workloads, according to a press release viewed by The Defiant.

ICNT is currently priced at $0.32, giving the token a fully diluted valuation (FDV) of around $221 million, according to CoinGecko.

“In less than two years, we’ve proven that decentralized cloud can outperform big tech,” said Dr. Kai Wawrzinek, co-founder & CEO of ICN. “With $34 million raised and the biggest exchanges behind us, we’re set to bring sovereign, cost-efficient solutions to every enterprise and developer on the planet.”

The $34 million investment was led by NGP Capital, which previously backed Xiaomi and Helium. Other investors include 1kx, Protocol Labs, No Limit Holdings, and HV Capital.

According to the release, ICN is used by more than 1,000 businesses and generates $7 million in annual revenue. It currently offers 80 petabytes (PB) of storage and plans to grow to 250 PB worldwide. The company is positioning itself as a Web3 alternative to cloud giants like Amazon Web Services (AWS), which commands over 30% of the $330 billion global market, according to Statista.

Earlier this year, AWS suffered a major outage that disrupted several cryptocurrency exchanges, including Binance, KuCoin, and MEXC. The development sparked a debate within the crypto community about whether decentralized infrastructure is too dependent on centralized platforms.

“This latest outage at AWS is another example of the enormous vulnerability of the global cloud in the hands of a few centralized providers,” Wawrzinek told The Defiant at the time “As demand for cloud capacity grows, the risk of single point of failure increases, as does the risk of hacks, and vulnerability to political wrangling over the production of semiconductor chips and trade tariffs.”

He added that the shift from Web2 to Web3 is exposing the cracks in centralized models. “It is only a matter of time before Web3 wakes up to the fact that the only way to scale the global cloud and internet reliably is through decentralized models that don’t carry the myriad of risks that centralized models do.”