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Layer-1 Blockchain Peaq Raises $15M to Expand Its DePIN Ecosystem

Crypto market data provider Messari estimates that decentralized physical infrastructure networks could have a market value of $3.5 trillion by 2028.

By Jamie Crawley
AccessTimeIconMar 27, 2024 at 10:00 a.m. UTC
Updated Mar 27, 2024 at 2:28 p.m. UTC
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  • DePIN layer 1 Peaq raised $15 million in a funding round led by Generative Ventures and Borderless Capital.
  • DePIN refers to using a blockchain to build physical infrastructure networks so other projects don't need to buy and run their own equipment.
  • Peaq currently hosts more than 20 DePIN networks.
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    • Layer-1 blockchain Peaq said it raised $15 million in funding to expand its ecosystem of decentralized physical infrastructure (DePIN) networks.

    The funding round, led by Generative Ventures and Borderless Capital and featuring participation from Spartan Group, CMCC Global and Animoca Brands, comes ahead of the blockchain's mainnet launch and listing of the PEAQ token.

    DePIN refers to using blockchain technology and token incentives to build physical infrastructure networks so other projects don't need to buy and run their own equipment. In other words, DePIN is a decentralized version of Amazon Web Services (AWS) or Google Cloud.

    Peaq currently hosts more than 20 DePIN networks, according to a Wednesday email statement.

    Crypto market data provider Messari estimates that DePIN could have a market value of $3.5 trillion by 2028.

    Read More: AIOZ Network Partners With Alibaba Cloud to Boost AI, Storage and Streaming Services

    CORRECTION (March 27, 14:28 UTC): Corrects spelling of Borderless Capital in second paragraph.

    Edited by Sheldon Reback.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter

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