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Crypto Infrastructure Firm Pocket Network Raises $10M
Republic Capital, RockTree Capital and Arrington Capital helped lead the round.
By Brandy Betz
Updated May 11, 2023, 7:12 p.m. Published Jan 6, 2022, 3:15 p.m.
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.
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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.
Pocket uses a native cryptocurrency (POKT) to create a permissionless, two-sided market b/t node providers running full nodes & developers wanting to query data from a blockchain for their application/service.
— Pocket Network (@POKTnetwork) June 4, 2020
For a summary of the economics, read this 👇https://t.co/ozruKyvVA2 pic.twitter.com/o6cRre6c4o
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.
Read more: What’s the Healthiest Chart in Crypto? The Developer Count
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