Layer 1 blockchain.Peaq stated that has raised $15 million in funding to grow its ecosystem of decentralized physical infrastructure (DePIN) networks.The fundraising round, led by Generative Ventures and Borderless Capital, includes Spartan Group, CMCC Global, and Animoca Brands. It comes ahead of the blockchain’s mainnet debut and the listing of the PEAQ token.
DePIN refers to the use of blockchain technology and token incentives to create physical infrastructure networks, reducing the need for other initiatives to purchase and operate their own equipment.In other words, DePIN is a decentralized equivalent of Google Cloud or Amazon Web Services (AWS).According to an email message sent on Wednesday, Peaq currently hosts more than 20 DePIN networks.Messari, a cryptocurrency market statistics company, forecasts that DePIN could reach a market value of $3.5 trillion by 2028.