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Decentralized physical infrastructure provider Grove completes $7.9 million financing.

According to BlockBeats news on November 30th, Grove (formerly Pocket Network), a provider of decentralized physical infrastructure (DePIN), has raised $7.9 million from Avon Ventures, Placeholder Capital, and Druid Ventures, all under Fidelity. Grove will use the funds to establish new partnerships and promote DePIN for mainstream adoption. DePIN refers to the use of blockchain technology and token incentives to build a physical infrastructure network so that other projects do not have to bear the cost of purchasing and operating their own equipment. In this sense, it can be seen as a decentralized version of Amazon Web Services (AWS) or Google Cloud. Grove provides Web3 infrastructure for building products and services on its POKT network, which supports more than 40 different chains.

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Decentralized physical infrastructure provider Grove completes $7.9 million financing.

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