Crypto Infrastructure Firm Pocket Network Raises $10M

Republic Capital, RockTree Capital and Arrington Capital helped lead the round.

Jan 6, 2022 at 3:15 p.m. UTC
Updated Jan 6, 2022 at 4:35 p.m. UTC

Web 3 developer platform Pocket Network has raised $10 million to expand adoption and node coverage, with a focus on the Asia-Pacific region.

Republic Capital, RockTree Capital, Arrington Capital and C² Ventures led the round. Pocket Network had announced a strategic partnership with RockTree in November, but the other partnerships are new.

Pocket looks to help application developers easily and securely interact with blockchains as more coders join the Web 3 ranks. A report out yesterday from Electric Capital showed developer activity at all-time highs.

Pocket Network usage, as measured by the number of API calls processed by the protocol, has more than doubled on a monthly basis since last July. Weekly relays have increased from tens of thousands at the start of 2021 to over 2 billion in a single week in December, Pocket Network said in the press release.

Arrington Capital founder Michael Arrington said the need for “wide node distribution at the base layer” was the impetus for investing.

“Ultimately, POKT is critical to enhancing the long-term robustness and anti-fragility of the entire crypto ecosystem,” he said in a press release.

Other participants in the round included CoinShares, Decentral Park Capital and Dominance Ventures.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Brandy covers crypto-related venture capital deals for CoinDesk.