- Blockless, a DePIN initiative that aims to support processing power, reported that it has raised $8 million in two investment rounds at the early stage.
- Co-founder Butian Li of Blockless said that the company intends to deploy its testnet in the upcoming weeks and mainnet in Q3, along with the native BLESS coin.
Blockless, a project aimed at supporting computing power decentralized physical infrastructure networks (DePINs), has announced raising $8 million in early and pre-seed investment rounds.
According to Blockless, on Tuesday, NGC Ventures led the $3 million pre-seed round and M31 Capital and Frachtis, a new fund founded by Xavier Meegan, the chief investment officer of staking business Chorus One, co-led the $5 million seed deal.
According to Blockless, No Limit Holdings, MH Ventures, Interop Ventures, and Plassa Capital were among the other investors in the two rounds.
Co-founder Butian Li, who was once an investor at NGC Ventures, told The Block that the business finished its pre-seed investment in March 2022 but is now revealing it together with the seed round. According to Li, the most recent seed round started in February and ended in April.
According to Li, the two rounds had a simple agreement for future equity (SAFE) structure with token warrants arranged in a 1:1 ratio. The terms of both rounds were “similar,” she claimed, but she would not elaborate on the valuation.
The goal of the DePIN project Blockless is to let customers use its network to automatically supply processing power to their apps.
According to Li, users are not need to download any software or run a particular node. With the help of the Blockless network, users can automatically provide compute resources to an application when they open it by using the ‘nestled node’ feature of the WebAssembly (WASM) application framework that Blockless has developed.
Inspired by a “matchmaking service,” Blockless intends to connect applications with people to meet their computational power demands through its network, just as Uber connects drivers and customers. Li provided an illustration of how this works. According to Li, Blockless and those applications will then reward users.
Li, Derek Anderson (formerly of Akash Network AKT +10.22%), Michael Chen (previously of Binance), and Liam Zhang (previously a researcher at New York University) co-founded Blockless in 2022.
The project’s mainnet and native token, called BLESS, are anticipated to launch in the third quarter of this year, according to Li, who also stated that the testnet will launch in the next few weeks. According to Li, Blockless is developing its native network and native token using the Cosmos SDK.
Palo Alto, California is home to Blockless’s main office staff. There are currently 10 employees, and Li intends to add more to handle product, engineering, and ecosystem functions.
According to Li, Blockless faces competition from initiatives like io.net and Fluence Network.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
