Grove Raises $7.9 Million in Funding to Revolutionize DeFi

Decentralized Finance Platform Grove Receives $7.9 Million in Investment to Expand Operations

DeFi Protocol Grove secures $7.9M for expansion.

In a groundbreaking move, Grove, formerly known as Pocket Network Inc, has recently secured a staggering $7.9 million in funding from prominent institutional investors. This investment round saw support from major venture capital companies, including Avon Ventures, Placeholder Capital, and Druid Ventures¹.

Grove, a DeFi protocol, aims to expand its business offerings and foster strategic collaborations within the crypto industry with the newly acquired capital. Their goal is to accelerate the adoption of their innovative decentralized physical infrastructure (DePIN) into the mainstream².

But what exactly is DePIN, you ask? Well, think of it as the decentralized counterpart to industry giants like Amazon Web Services (AWS) and Google Cloud. It revolutionizes the concept of physical infrastructure networks by leveraging blockchain technology and token incentives. This means no more financial burdens for external projects when acquiring and maintaining their tools and equipment. It’s like getting high-quality gear for your camping expedition without having to foot the bill³.

The news of this funding round has sent Grove’s native token, POKT, on a soaring journey. In the past 24 hours alone, POKT experienced a notable 24% increase in value, reaching an impressive $0.10 per token. This surge has propelled its market capitalization to over $150 million⁴.

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Grove stands out within the industry for its versatility and robust capabilities. With over 40 supported chains, the platform offers Web3 infrastructure that empowers developers and businesses to effortlessly create and deploy applications on its POKT network⁵.

But Grove isn’t the only DeFi protocol making waves in the investment arena. It seems like funding is raining down on the DeFi world! Deri Protocol, a decentralized derivatives exchange, recently received a substantial investment from the BNB Chain’s $1B Growth Fund⁶. Elixir, on the other hand, secured $7.5 million in funding, with plans to expand its business and workforce⁷. And let’s not forget Maverick Protocol, which raised a cool $9 million to revolutionize the DeFi sector and tackle cross-chain liquidity inefficiencies⁸.

It’s safe to say that the DeFi sector is catching investors’ attention faster than a squirrel with a shiny acorn. Funding is pouring in, projects are flourishing, and the possibilities seem endless. So, grab your popcorn and buckle up because the DeFi rollercoaster is just getting started!

But wait, there’s more! Are there any other DeFi projects out there that have recently received funding? Let me know in the comments below!

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1. Grove Raises $7.9M to Boost DeFi Operations↩︎

2. DeFi Protocol Grove to Expand Its Business Offerings↩︎

3. DeFi Protocol Grove to Expand Its Business Offerings↩︎

4. Grove’s Native Token Surges to New High↩︎

5. Grove’s Native Token Surges to New High↩︎

6. Deri Protocol Receives Funding from BNB Chain’s $1B Growth Fund↩︎

7. Elixir Secures $7.5M in Funding to Expand Business↩︎

8. Maverick Protocol Raises $9M to Revolutionize DeFi↩︎

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