Web3 infrastructure firm Pocket Network Raises $10 million in strategic funding to accelerate network development and global expansion.
The latest Pocket Network funding was led by Republic Capital, RockTree Capital, Arrington Capital and C² Ventures, as well as other notable participants such as Coinshares, Decentral Park Capital, and Dominance Ventures.
Michael O’Rourke, CEO of Pocket Network, commented:
“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.”
What Pocket Network Does?
Pocket Network is an infrastructure middleware protocol which provides decentralized cloud computing and bandwidth on full nodes to other applications across 20 blockchains, including Ethereum, Polygon, Solana and Harmony.
Pocket Network uses cost-efficient economics to coordinate and distribute data at scale. It enables seamless and secure interactions between blockchains and across applications.
By using Pocket Network, blockchains can be simply integrated into websites, mobile apps, IoT and more, giving developers the freedom to put blockchain enabled applications into the “pocket” of every mainstream consumer.
Pocket Network Records Massive Growth In 2021
Pocket Network registers massive growth last year both in terms of adoption and revenue. It has gone from tens of thousands of weekly relays at the start of 2021 to over two billion relays in a single week in December and is rapidly scaling as demand from L1s and dApps for its services increases. For the month of December, relays were 5.5 Billion compared to 89M 12 months earlier.
Pocket Network exceeded $56 million in monthly revenues in December. According to data from token terminal, it is now among the top five revenue producer blockchains globally surpassing many well known chains. It has generated more revenue than Solana, Elrond, Harmony, and most DeFi protocols.
Pocket Network intends to boost developer adoption and node coverage through multiple initiatives, including an extensive multi-jurisdictional expansion into the Asia-Pacific region in the coming year.