Grove Secures $7.9M Funding to Strengthen Decentralized Infrastructure Services

Decentralized infrastructure, characterized by the use of blockchain technology and token incentives to establish physical networks, has emerged as a cost-effective solution for projects seeking to avoid the financial burdens associated with acquiring and maintaining their own equipment. Grove, formerly known as Pocket Network Inc., is at the forefront of this movement, securing a substantial $7.9 million in funding from Avon Ventures, an affiliate of Fidelity, as well as Placeholder Capital and Druid Ventures.

The infusion of funds is earmarked for Grove's strategic initiatives, primarily focused on forging new partnerships that will play a pivotal role in advancing the widespread adoption of decentralized physical infrastructure, referred to as DePIN. DePIN utilizes blockchain technology and token incentives to create physical infrastructure networks, providing a decentralized alternative to major cloud services such as Amazon Web Services (AWS) or Google Cloud. This innovative approach alleviates the financial burdens for other projects, allowing them to thrive without the complexities of equipment procurement and management.

Grove specializes in providing Web3 infrastructure on its POKT network, a platform that supports over 40 different chains. This positions Grove as a key player in facilitating the development of diverse products and services within the decentralized space. The native token of the POKT network, known as POKT, has witnessed substantial growth, with a market capitalization surpassing $150 million. Notably, POKT experienced a remarkable 24% increase in the past 24 hours, reaching a value of $0.10.

As Grove continues to expand its influence and solidify its position in the decentralized infrastructure landscape, the recent funding injection will undoubtedly contribute to the acceleration of DePIN's integration into mainstream adoption, marking a significant step forward in the evolution of decentralized technology.

Read More: Boyaa Interactive's Crypto Power Play: Proposes $100M Investment for Web3 Dominance