Grove Secures $7.9M to Propel DePIN Infrastructure Adoption

Funding has been successfully secured by Grove, formerly known as Pocket Network Inc., in a deliberate move toward decentralizing physical infrastructure. Prominent investors such as Druid Ventures, Placeholder Capital, and Avon Ventures—all connected to Fidelity—have contributed to the venture.

Grove, a leader in the field of Decentralized Physical Infrastructure (DePIN), plans to establish significant alliances with the help of the recently obtained money. These partnerships seek to advance DePIN acceptance into the general public, which would be a major advancement for decentralized infrastructure.

The idea of DePIN, which makes use of token incentives and blockchain technology, transforms the process of building physical infrastructure networks. Projects might avoid the financial strains of purchasing and maintaining their equipment thanks to the creative strategy. DePIN can be seen of as the decentralized equivalent of industry heavyweights such as Google Cloud or Amazon Web Services (AWS).

Grove’s Contribution to Web3 Infrastructure

Grove provides infrastructure through its POKT network, which is essential to the Web3 environment. More than 40 distinct chains are supported by this network, meeting the various requirements of the decentralized ecosystem.

The native POKT network coin, also called POKT, has a market valuation of more than $150 million. Significantly, POKT has increased by 24% during the past day and is now worth $0.10. This emphasizes how Grove’s contribution to the thriving Web3 field is becoming more and more relevant and accepted.

Grove’s goal of democratizing infrastructure and creating new opportunities for creativity and cooperation in the decentralized space is being supported by the cash infusion from Avon Ventures, Placeholder Capital, and Druid Ventures.