Pocket Network Announces Closing of its Strategic Private Sale Led by Blockchain Industry Leaders

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

Pocket Network topped $ 56,000,000 in monthly revenue in December, placing it in the top five revenue producers for blockchains, outpacing many well-known chains globally.

Tampa Bay, Florida, USA – January 6, 2022Pocket net – an infrastructure middleware protocol that provides decentralized cloud computing and abundant full node bandwidth to other applications on 20 blockchains, including Ethereum, Polygon, Solana and Harmony has closed a $ 10 million strategic round led by Republic Capital , RockTree Capital, Arrington Capital, and C2 Ventures, as well as other notable entrants such as Coinshares, Decentral Park Capital, and Dominance Ventures.

Pocket Network has gone from tens of thousands of weekly streams in early 2021 to more than two billion streams in a single week in December and is rapidly escalating as demand for L1 and dApps for its services increases. For the month of December, the relays were 5.5 billion compared to 89 million 12 months earlier.

Since July, Pocket Network usage has more than doubled monthly, measured in “relays,” which are API calls processed by the protocol. Just last week, it broke its average daily record by providing more than 300 million relays. Growth in network usage has resulted in corresponding node growth in a network that now has more than 18,000 nodes managed by hundreds of independent vendors and parts of the community.

With total network revenue topping $ 56 million in December, Pocket Network is already comparatively in the top 5 revenue producers for all blockchains and blockchain applications globally (data from source Token terminal*), while remaining relatively unnoticed so far, even with revenues topping Solana, Elrond, Harmony, and most DeFi protocols.

Today in blockchain, the valuation of a project is based on its real performance and real metrics. At Pocket Network, we have discovered a gem that is scaling at the rate of warp and its performance can be measured on a chain. Many exchanges and dApps still rely on Web2’s centralized cloud computing and hosting providers today, which can cause costly outages when they fail. RockTree believes that Pocket Network is a critical infrastructure for the Web3 revolution, offering true decentralization and consistent uptime for a multi-chain blockchain future. Just look at the data in the string“Said Omer Ozden, CEO of RockTree Capital, a commercial bank and fund focused on projects at the Asia / North America nexus. “I want to add that it is Pocket’s high-quality team and leadership that has made RockTree an easy choice to be your partner in Asia and invest.

Building on its already large community of thousands of node brokers, Pocket Network aims to scale to trillions of relays per day, spread across hundreds of thousands of full nodes over the next 5 years.

We are incredibly excited to support the Pocket Network in its mission to incentivize L1 decentralization. We believe in many different ecosystems, including Terra, Algorand, and Polkadot, and we understand the need for a wide node distribution in the base layer. Ultimately, POKT is critical to enhancing the long-term robustness and anti-fragility of the entire crypto ecosystem.“said Michael Arrington, founder of Arrington Capital.

Pocket Network’s market-based infrastructure approach successfully demonstrates how Web3 native services can outperform Web2 headlines in both economics and performance. For both blockchain application developers and node brokers, Pocket is a no-brainer. “added Alex Ye, Managing Director of Republic Crypto.

“We announced earlier this year the strategic partnership with Rocktree Capital, which is helping to lead the global acceleration of our presence in all major blockchain markets. Today we are pleased 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 that deliver value to the entire Pocket Network ecosystem..”- Michael O’Rourke, CEO of Pocket Network

Pocket Network aims to increase developer adoption and node coverage through multiple initiatives, including extensive multi-jurisdictional expansion in the Asia-Pacific region in the coming year.

ENDS

About Pocket Network

* Token Terminal will publish full revenue data for Pocket Network on January 5

Pocket net, a blockchain data ecosystem for Web3 applications, is a platform built for applications that uses a profitable economy to coordinate and distribute data at scale. It allows seamless and secure interactions between blockchains and between applications. With Pocket, the use of blockchains can be simply integrated into websites, mobile applications, IoT and more, giving developers the freedom to put blockchain-enabled applications in the “pocket” of every mainstream consumer.

RockTree Capital, a China-based commercial bank and fund focused on blockchain projects and mobile e-commerce companies, with offices in Beijing, Shanghai, New York and Toronto. RockTree Capital invests in top-notch blockchain projects and accelerates their growth in Asia.

Arrington Capital is a digital asset management company primarily focused on blockchain-based capital markets. Founded in 2017 by TechCrunch and CrunchBase founder Michael Arrington and TechCrunch CEO Heather Harde, the firm manages more than $ 1 billion and has invested in hundreds of startups around the world.

Capital of the Republic is a leading investment platform that provides access to investments in startups, real estate, cryptocurrencies and games for retail and accredited investors. Republic has facilitated more than $ 700 million in investments by our global community of more than one million members.

C2 Ventures is a chain-independent venture fund, focused on empowering builders with capital and operational experience to develop and scale the next generation of leading Web3 and Metaverse applications.

For more information visit: Pocket net

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