Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

DePIN project Blockless raises $8 million in pre-seed and seed funding rounds

The BlockThe Block2024/05/20 20:58
By:The Block

Quick Take Blockless, a DePIN project focused on providing computing power support, announced raising $8 million in two early-stage funding rounds. Blockless plans to launch its testnet in the coming weeks, and mainnet along with the native BLESS token in Q3, co-founder Butian Li told The Block.

Blockless, a decentralized physical infrastructure network (DePIN) project focused on providing computing power support, announced raising $8 million in pre-seed and seed funding rounds.

NGC Ventures led the pre-seed round worth $3 million, and M31 Capital and Frachtis (a new fund formed by Xavier Meegan, chief investment officer of staking firm Chorus One) co-led the seed round worth $5 million, Blockless said Tuesday. Other investors in the two rounds included No Limit Holdings, MH Ventures, Interop Ventures and Plassa Capital, Blockless said.

The project closed the pre-seed round in March 2022 but is disclosing it now, along with the seed round, co-founder Butian Li, formerly an investor at NGC Ventures, told The Block. The latest seed round began in February and closed in April, Li said. Both rounds were structured as a simple agreement for future equity (SAFE), with token warrants in a 1:1 ratio, Li added. She declined to comment on the valuation but said the terms of both rounds were "similar."

What is Blockless?

Blockless is a DePIN project that aims to enable users to automatically provide computing power to their applications via its network.

"Users don't have to run a special node or download any software," Li said. "Blockless has created a WebAssembly (WASM) application framework that features a 'nestled node' embedded in the application, meaning that when users open an application, they will automatically be providing compute resources to that particular application through the Blockless network."

Blockless is inspired by a "matchmaking service," Li said, giving an example of how, as Uber connects drivers to users, Blockless aims to connect applications with users to fulfill their computational power needs via its network. Users will then be rewarded by those applications and Blockless, Li said.

Blockless network and token launch

Blockless was co-founded in 2022 by Li, Derek Anderson (formerly of Akash Network AKT +4.61% ), Michael Chen (formerly of Binance), and Liam Zhang (formerly a researcher at New York University).

Li said the project plans to launch its testnet in the coming weeks, and its mainnet and native token, dubbed BLESS, are expected to launch in the third quarter of this year. Blockless is using the Cosmos SDK to create its native network and native token, Li added.

Blockless's core team is based in Palo Alto, California. Its total headcount is ten people, and Li plans to hire more staff in engineering, product, and ecosystem functions.

Blockless's competitors include projects like io.net and Fluence Network, Li said. In March, io.net developer raised $30 million in Series A funding and reached a token valuation of $1 billion, as The Block reported at the time.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

You may also like

Galaxy Research: The vast majority of Bitcoin Layer 2 networks will not survive

Cointime2024/08/04 04:57

USDT's weekly transaction volume on the EVM chain exceeded 18 million times, setting a new annual high

Cointime2024/08/04 04:36

Bank of America: Expect the Fed to cut interest rates by 25 basis points at its September meeting

Cointime2024/08/04 03:57

Starknet: Discord server is back online

Cointime2024/08/04 03:57

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
10454.69%
ROI
Total profit $53318.92
BitCoin
BitCoin
insight500/500
10731.39%
ROI
Total profit $10731.38

Bot copy trading

More
GoldenEgg
GoldenEgg
insight149/150
$212.68
Total profit
Total subscriber profits $-285.11
BGUSER-FFF8CNJ4
BGUSER-FFF8CNJ4
insight7/150
$174.34
Total profit
Total subscriber profits $97.94