Pocket Network Raises $10M to Expand Node Infrastructure

Pocket Network has completed a strategic funding round led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures.

Pocket Network Ends Private Sale

Pocket Network has raised $ 10 million.

The Blockchain infrastructure project Invested in a strategic private sale led by Republic Capital, Rocktree Capital, Arlington Capital and The Ventures. Other participants included Coinshares, Decentral Park Capital, and Dominance Ventures.

In a press release Thursday, the team reported that it would use the newly raised capital to fund the development of the network. It will also be used to expand business into the Asia Pacific region.

Pocket Network hosts and provides thousands of blockchain nodes Distributed computing For Web3 applications. Over 20 dApps on the blockchain provide a way to access node services through the application programming interface. Supported blockchains include Ethereum, Argoland, Binance Smart Chain, Solana, Polygon, xDai, and Harmony.

RockTree Capital CEO Omer Ozden commented on the salary increase and shared insights into the project’s promises. He said:

“Many exchanges and dApps still rely on Web2 centralized cloud computing and hosting providers today, which can lead to costly outages if they go down. RockTree says Pocket Network is the key to the Web3 revolution. It is a solid infrastructure and we believe it will provide true decentralization and constant uptime for the future of multi-chain blockchain. “

In recent months, Pocket Network has been gaining in adoption among blockchains seeking to meet the requirements of distributed computing. Since July, Pocket Network usage has more than doubled every month. In December 2021 alone, Pocket claims to process 5.5 billion API calls and generate total monthly revenue of $ 56 million due to growing demand for multi-chain infrastructure.

For projects such as Pocket Network, reliance on centralized services can lead to major problems, helping blockchain to decentralize operations.For example, in November 2020, a node infrastructure provider infrastructureI had a problem when Ethereum, which was built on Amazon Web Services, went down.

Pocket networks host a network of independent nodes rather than using Amazon Web Services or other centralized cloud platforms, eliminating a single point of failure. In the distributed middleware niche, Pocket competes with other products such as Alchemy, Quiknode, and AVADO.

Michael Arrington, founder of Arrington Capital, said his team is “excited to support the Pocket Network on its mission to promote Layer 1 decentralization.” He said in his pocketIt is important to enhance the long-term robustness and vulnerability of the entire crypto ecosystem. ”

The Pocket Network currently consists of 18,000 full nodes operated by an independent provider. Providers are given incentives through POKT, Pocket’s native token. Pocket says it hopes to expand its network to include hundreds of thousands of full nodes over the next five years. If you reach your goal, it means you can handle trillions of API calls per day.

Disclosure: At the time of writing this, the author of this work owned ETH, SOL, and several other cryptocurrencies.