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Layer-1 Blockchain Peaq Raises $15M to Expand Its DePIN Ecosystem
Crypto market data provider Messari estimates that decentralized physical infrastructure networks could have a market value of $3.5 trillion by 2028.
Updated Mar 27, 2024, 2:28 p.m. Published Mar 27, 2024, 10:00 a.m.
- DePIN layer 1 Peaq raised $15 million in a funding round led by Generative Ventures and Borderless Capital.
- DePIN refers to using a blockchain to build physical infrastructure networks so other projects don't need to buy and run their own equipment.
- Peaq currently hosts more than 20 DePIN networks.
Layer-1 blockchain Peaq said it raised $15 million in funding to expand its ecosystem of decentralized physical infrastructure (DePIN) networks.
The funding round, led by Generative Ventures and Borderless Capital and featuring participation from Spartan Group, CMCC Global and Animoca Brands, comes ahead of the blockchain's mainnet launch and listing of the PEAQ token.
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DePIN refers to using blockchain technology and token incentives to build physical infrastructure networks so other projects don't need to buy and run their own equipment. In other words, DePIN is a decentralized version of Amazon Web Services (AWS) or Google Cloud.
Peaq currently hosts more than 20 DePIN networks, according to a Wednesday email statement.
Crypto market data provider Messari estimates that DePIN could have a market value of $3.5 trillion by 2028.
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CORRECTION (March 27, 14:28 UTC): Corrects spelling of Borderless Capital in second paragraph.
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