Grove Secures $7.9M Funding Boost for Decentralized Infrastructure

• Grove, A DePIN Provider, Raises $7.9 Million
• Funding Allocation and DePIN Explained
• Grove's Contributions to Web3 Infrastructure
• Updates

Grove, A DePIN Provider, Raises $7.9 Million

Once known as Pocket Network$0.149 5.94% Inc., Grove, a provider of Decentralized Physical Infrastructure (DePIN), has successfully raised $7.9 million. This funding round saw contributions from Avon Ventures, a Fidelity affiliate, alongside Placeholder Capital and Druid Ventures.

Funding Allocation and DePIN Explained

The recently acquired fund will be channeled towards the formation of new partnerships, propelling DePIN towards mainstream acceptance. DePIN leverages blockchain technology and token incentives to create physical infrastructure networks. This way, other projects can bypass the expenses of purchasing and managing their own equipment. It can be comparable to a decentralized version of renowned platforms such as Amazon Web Services (AWS), or Google Cloud.

Grove's Contributions to Web3 Infrastructure

Grove offers Web3 infrastructure that aids in building products and services on its POKT network, supporting over 40 different chains. At present, the network's native token, POKT, boasts a market cap of just over $150 million and has seen a 24% increase in value in the past 24 hours, standing at $0.10.

Updates

As of November 30, Inc. was added to Pocket Network's name in the opening paragraph.

Edited by Jonathan Stoker