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Decentralized Infrastructure Provider Grove Raises $7.9M
Decentralized infrastructure is the use of blockchain technology and token incentives to build physical networks so other projects do not need to incur the costs of buying and running their own equipment.
Decentralized physical infrastructure (DePIN) provider Grove, previously named Pocket Network Inc., has raised $7.9 million from Fidelity-affiliated Avon Ventures, Placeholder Capital and Druid Ventures.
Grove will use the funding to form new partnerships that advance DePIN toward mainstream adoption, according to an emailed statement shared with CoinDesk on Thursday.
STORY CONTINUES BELOW
DePIN refers to the use of blockchain technology and token incentives to build physical infrastructure networks so other projects don't need to incur the costs of buying and running their own equipment. In this sense, it can be seen as a decentralized version of Amazon Web Services (AWS) or Google Cloud.
Grove provides Web3 infrastructure for building products and services atop its POKT network, which supports over 40 different chains.
The network's native token (POKT) has a market cap of just over $150 million and is currently up some 24% in the last 24 hours at $0.10.
Read More: Ethereum Platform Infura's Step Toward Decentralization Includes Microsoft, Tencent
UPDATE (Nov. 30, 14:40 UTC): Adds "Inc." to Pocket Network's name in the first paragraph.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
