LBank Labs, a key player in the Web3 space, managing a $100 million fund that transcends specific protocols and exchanges, has joined the group of investors in Hivello, which simplifies DePin nodes for the masses. Hivello aggregates multiple DePin nodes into a single Web 2 console, allowing anyone to install it to earn passive income by contributing their computer resources to earn tokens.
Valeria Kholostenko, Principal Investor at LBank Labs, shared her thoughts on this investment:
“One of the verticals to drive mainstream adoption of crypto and blockchain technology will be DePin. By enabling the utilization of existing physical infrastructure and incorporating a tokenized approach to create a shared network of participants, it offers a way for broader participation and resource utilization, providing them with a new life within the web3 sphere of the business world. I am thrilled to collaborate with the team at Hivello and democratize access to earning potential for anyone by sharing their mining and adoption of blockchain technologies with everyone.”
In addition to Blockchange Ventures and LBank Labs, this round is joined by other prominent investors, including Cypher Capital, MH Ventures, Primal Capital, Contango Digital Assets, and Candaq, alongside industry leaders NGC, Blockchain Founders Fund, IDG, and others from the previous pre-seed investment round.
DePin has gained significant prominence in this market cycle, currently boasting a $20 billion valuation for the vertical, 650 projects, and $15 million in Annual Recurring Revenue as of the end of 2023, according to the State of DePin Report by Escape Velocity Ventures.
LBank Labs continues to thrive at the forefront of cutting-edge blockchain technology and, with this investment, is eager to participate in more DePin innovation. Valeria Kholostenko will be participating as a mentor for the first-ever laser-focused accelerator for this vertical – DePin Surf.
LBank Labs’ investment strategy includes fund-of-fund investments, direct investments in early-stage projects, and liquid projects through a $100 million AUM Fund.
About LBank Labs
At LBank Labs, we thrive on the power of connections and believe in fostering strong relationships within the industry. We're not your average exchange - while LBank boasts a massive global user base of over 9 million, LBank Labs operates independently in both structure and approach, using a Venture Fund model to drive our investments in funds, primary projects, and liquid projects. With a protocol and exchange-agnostic mindset, we're committed to supporting projects through direct funding, acceleration, incubation, and unparalleled networking within our web. And with $100 million AUM currently under our belt, we're well-equipped to help startups take flight. But that's not all - our Fund of Fund network, which includes a whopping 12 funds as of Q1 2023, opens doors to direct communication with $1 Billion+ AUM. And with operations and offices spanning 7 global regions - from San Francisco to Dubai to Shanghai and beyond - we're in a prime position to keep building this network together.
https://www.lbanklabs.com/
https://hivello.io/
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