According to CoinDesk, layer-1 blockchain Peaq has raised $15 million in a funding round led by Generative Ventures and Borderless Capital. The round also saw participation from Spartan Group, CMCC Global, and Animoca Brands. The funds will be used to expand Peaq's ecosystem of decentralized physical infrastructure (DePIN) networks ahead of the blockchain's mainnet launch and listing of the PEAQ token.
DePIN uses blockchain technology and token incentives to build physical infrastructure networks, allowing other projects to avoid purchasing and operating their own equipment. This creates a decentralized version of services like Amazon Web Services or Google Cloud. Peaq currently hosts over 20 DePIN networks, as stated in a Wednesday email statement. Crypto market data provider Messari estimates that DePIN could have a market value of $3.5 trillion by 2028.
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