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January 23, 2022
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Pocket Network Announces Closing of Its Strategic Private Sale to Accelerate Network Development & Global Expansion – Press release Bitcoin News

PRESS RELEASE. Pocket Network exceeded $56,000,000 in month-to-month revenues in December putting it within the Top Five income producer for blockchains globally surpassing many well-known chains.

Tampa Bay, Florida, U.S.A – sixth January 2022 Pocket Network – an infrastructure middleware protocol that gives decentralized cloud computing and considerable bandwidth on full nodes to different purposes throughout 20 blockchains, together with Ethereum, Polygon, Solana and Harmony has closed a strategic spherical of $10 Million led by Republic Capital, RockTree Capital, Arrington Capital and C2 Ventures, in addition to different notable individuals similar to Coinshares, Decentral Park Capital and Dominance Ventures.

Pocket Network has gone from tens of hundreds of weekly relays initially of 2021 to over two billion relays in a single week in December and is quickly scaling as demand from L1s and dApps for its providers will increase. For the month of December, relays had been 5.5 Billion in contrast to 89M 12 months earlier.

Since July, Pocket Network’s utilization has greater than doubled month-to-month, measured in “relays” that are API calls processed by the protocol. Just this previous week, it broke its common each day document by serving 300M+ relays. The progress in community utilization has resulted in corresponding node progress on a community now served by over 18,000 nodes run by lots of of unbiased neighborhood events and suppliers.

With complete community income exceeding $56 Million within the month of December, Pocket Network is already comparatively amongst the Top 5 income producers for all blockchains and blockchain purposes globally (supply knowledge from Token Terminal*), whereas remaining comparatively below the radar till now, together with having revenues surpassing that of Solana, Elrond, Harmony, and most DeFi protocols.

“Today in blockchain, the valuation of a project is based on its actual performance and real metrics. In Pocket Network, we have uncovered a gem that is scaling at warp speed and its performance is measurable onchain. Many exchanges and dApps are still reliant today on Web2 centralized cloud computing and hosting providers which can cause costly outages when they go down. RockTree believes Pocket Network is critical infrastructure for the Web3 revolution, that offers true decentralization and constant uptime for a multi-chain blockchain future. Just look at the onchain data” stated Omer Ozden, CEO of RockTree Capital, a fund and service provider financial institution targeted on tasks on the nexus of Asia and North America. “I want to add that it is Pocket’s high quality team and leadership that has made it an easy choice for RockTree to be their Asia partner and invest.”

Building on its already giant neighborhood of hundreds of node runners Pocket Network goals to scale into the trillions of relays per day, unfold throughout lots of of hundreds of full nodes inside the subsequent 5 years.

“We’re incredibly excited to support Pocket Network in its mission to incentivize L1 decentralization. We are believers in many different ecosystems — including Terra, Algorand & Polkadot — and understand the need for wide node distribution at the base layer. Ultimately, POKT is critical to enhancing the long-term robustness and antifragility of the entire crypto-ecosystem”, stated Michael Arrington, Founder of Arrington Capital.

“Pocket Network’s market-based approach to infrastructure properly demonstrates how Web3-native services can outcompete Web2 incumbents both in economics and performance. For blockchain app developers and node runners alike, Pocket is a clear no-brainer.” added Alex Ye, Managing Director, of Republic Crypto.

We announced earlier this year the strategic partnership with Rocktree Capital, who is helping lead the global acceleration of our presence into all of the major blockchain markets. Today we are excited to announce the continued acceleration of this plan through the strategic partnerships formed in this sale with Republic, Arrington Capital and many high impact players providing value to the whole Pocket Network ecosystem.– Michael O’Rourke, CEO of Pocket Network

Pocket Network is concentrating on rising developer adoption and node protection by a number of initiatives, together with an intensive multi-jurisdictional growth into the Asia-Pacific area within the coming 12 months.

About Pocket Network

*Token Terminal will publish full income knowledge for Pocket Network on January fifth

Pocket Network, a blockchain knowledge ecosystem for Web3 purposes, is a platform constructed for purposes that makes use of cost-efficient economics to coordinate and distribute knowledge at scale. It allows seamless and safe interactions between blockchains and throughout purposes. With Pocket, the use of blockchains might be merely built-in into web sites, cellular apps, IoT and extra, giving builders the liberty to put blockchain enabled purposes into the “pocket” of each mainstream client.

RockTree Capital, a service provider financial institution and fund primarily based in China targeted on blockchain tasks and cellular e-commerce firms, with workplaces in Beijing, Shanghai, New York and Toronto. RockTree Capital invests into top-tier blockchain tasks and accelerates their progress in Asia.

Arrington Capital is a digital asset administration agency primarily targeted on blockchain-based capital markets. The agency, based in 2017 by TechCrunch and CrunchBase founder Michael Arrington and TechCrunch CEO Heather Harde, has over $1 billion below administration and has invested in lots of of startups internationally.

Republic Capital is a number one funding platform that gives entry to startup, actual property, crypto, and gaming investments for each retail and accredited buyers. Republic has facilitated over $700 million in investments by our international neighborhood of over a million members

C2 Ventures is a chain-agnostic enterprise fund, targeted on empowering builders with capital in addition to operational experience to develop and scale the following era of main Web3 and Metaverse purposes.

For extra data, go to: Pocket Network




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