Blockmate Ventures Inc. subsidiary Hivello has announced a strategic partnership with IoTeX, integrating the latter's blockchain to support new Decentralized Physical Infrastructure Networks (DePINs). IoTeX is a leading layer-one blockchain in the DePIN space with a market cap of $380 million, and it will promote Hivello to its global user base.
According to Hivello chairman Domenic Carosa, the integration is already in progress due to the high-quality DePINs available on the IoTeX blockchain. Carosa highlighted the eco-friendly approach of DePINs, comparing it to the sharing economy where users can share their computer resources and get paid, thereby contributing to building a decentralized network.
Hivello aims to target consumers with spare desktops and laptops, eventually expanding to enterprises. The company's goal is to create a vibrant and inclusive DePIN ecosystem, offering a sustainable alternative to discarding unused tech devices. This initiative could significantly reduce electronic waste and make efficient use of existing resources.
Additionally, Carosa mentioned Hivello's recent $2.5 million raise and an ongoing $4.5 million raise at a $30 million pre-money valuation, co-led by Animoca Brands and Blockchain Founders Fund. These funds will be utilized to build technology infrastructure and acquire customers, accelerating the growth and adoption of the DePIN ecosystem.
This partnership is significant as it not only enhances the capabilities of both Hivello and IoTeX but also underscores the potential for blockchain technology to create sustainable and decentralized solutions. The collaboration could pave the way for more innovations in the DePIN space, benefiting both consumers and enterprises by providing a platform for resource-sharing and reducing electronic waste.
