According to CoinDesk, Grove, a decentralized physical infrastructure (DePIN) provider formerly known as Pocket Network, has secured $7.9 million in funding from Fidelity-affiliated Avon Ventures, Placeholder Capital, and Druid Ventures. The company plans to use the funds to establish new partnerships that will promote mainstream adoption of DePIN. DePIN employs blockchain technology and token incentives to create physical infrastructure networks, allowing other projects to avoid the costs of purchasing and operating their own equipment. This approach can be considered a decentralized alternative to Amazon Web Services (AWS) or Google Cloud.
Grove offers Web3 infrastructure for developing products and services on 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 has recently experienced a 24% increase in the last 24 hours, trading at $0.10.
