Avon Ventures, Placeholder Capital, and Druid Ventures, all connected to Fidelity, have contributed $7.9 million to Grove, formerly known as Pocket Network Inc., a provider of decentralized physical infrastructure (DePIN).According to an email statement Grove shared with CoinDesk on Thursday, the investment will be used to establish new partnerships that move DePIN closer to widespread usage.
In order to save other projects from having to pay for the expenses of purchasing and maintaining their own equipment, DePIN refers to the use of blockchain technology and token incentives to create physical infrastructure networks.It is comparable to a decentralized version of Google Cloud or Amazon Web Services (AWS) in this regard.
Grove offers Web3 infrastructure to enable the development of goods and services on top of its POKT network, which serves more than 40 chains.With a market valuation of little over $150 million, POKT, the network’s native token, has increased by over 24% in the past day to $0.10.