Pocket Network Raises $10M to Expand Node Infrastructure
Key Takeaways
Pocket Network has closed a $10 million strategic spherical led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures.
The mission offers node infrastructure for Web3 functions throughout completely different blockchains.
The workforce said that the funding shall be used to additional develop its decentralized node community.
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Pocket Network has closed a strategic funding spherical led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures.
Pocket Network Closes Private Sale
Pocket Network has raised $10 million in funding.
The blockchain infrastructure mission obtained the funding in a strategic personal sale led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures. Other contributors included Coinshares, Decentral Park Capital, and Dominance Ventures.
In a Thursday press launch, the workforce reported that it might use the newly-raised capital to fund improvement on its community. It may also be used to broaden its operations into the Asia-Pacific area.
Pocket Network hosts hundreds of blockchain nodes to offer decentralized computing for Web3 functions. It offers a approach for dApps on greater than 20 blockchains to entry its node providers by way of an Application Programming Interface. Supported blockchains embody Ethereum, Algorand, Binance Smart Chain, Solana, Polygon, xDai, and Harmony.
Commenting on the increase, RockTree Capital CEO Omer Ozden shared his insights on the mission’s promise. He stated:
“Many exchanges and dApps are still reliant today on Web2 centralized cloud computing and hosting providers, which can cause costly outages when they go down. RockTree believes Pocket Network is critical infrastructure for the Web3 revolution that offers true decentralization and constant uptime for a multi-chain blockchain future.”
In current months, Pocket Network has seen rising adoption amongst blockchains trying to meet their decentralized computing necessities. Since July, Pocket Network’s utilization has greater than doubled each month. In December 2021 alone, Pocket claims to have served 5.5 billion API calls as a consequence of rising demand for multi-chain infrastructure, with month-to-month income totaling $56 million.
Projects akin to Pocket Network assist blockchains decentralize their operations as dependence on centralized providers can result in main issues. In November 2020, as an example, the node infrastructure supplier Infura, which is constructed on Amazon Web Services, brought on points on Ethereum when it suffered an outage.
Rather than utilizing Amazon Web Services or different centralized cloud platforms, Pocket Network hosts a community of impartial nodes, thus eradicating a single level of failure. In the decentralized middleware area of interest, Pocket competes with others like Alchemy, Quiknode, and AVADO.
Michael Arrington, the founding father of Arrington Capital, stated his workforce was “excited to support Pocket Network in its mission to incentivize Layer 1 decentralization.” He added that Pocket was “critical to enhancing the long-term robustness and anti-fragility of the entire crypto ecosystem.”
Pocket Network at the moment contains 18,000 full nodes operated by impartial suppliers. The suppliers are incentivized by means of Pocket’s native token, POKT. Pocket says it desires to develop its community to incorporate a whole bunch of hundreds of full nodes within the subsequent 5 years. If it meets its goal, that will imply it might course of trillions of API calls per day.
Disclosure: At the time of writing, the creator of this piece owned ETH, SOL and a number of other different cryptocurrencies.
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