Decentralized Infrastructure Provider Grove Raises $7.9M
Grove, a provider of Decentralized physical infrastructure (DePIN) formerly known as Pocket Network Inc., has secured $7.9 million in funding. The funding came from Avon Ventures, Placeholder Capital, and Druid Ventures. Grove intends to use the funding to form partnerships and promote the mainstream adoption of DePIN, a blockchain technology-based physical infrastructure network. This framework eliminates the need to buy and maintain equipment for other projects and functions similarly to Amazon Web Services or Google Cloud. Grove's POKT network supports over 40 different chains and is designed to help build Web3 infrastructure products and services. The company's native token, POKT, has a market cap of over $150 million and has recently increased by 24% in value.
