Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
DePIN project Blockless raises $8 million in pre-seed and seed funding rounds

DePIN project Blockless raises $8 million in pre-seed and seed funding rounds

The BlockThe Block2024/05/20 20:58
By:The Block

Quick Take Blockless, a DePIN project focused on providing computing power support, announced raising $8 million in two early-stage funding rounds. Blockless plans to launch its testnet in the coming weeks, and mainnet along with the native BLESS token in Q3, co-founder Butian Li told The Block.

DePIN project Blockless raises $8 million in pre-seed and seed funding rounds image 0

Blockless, a decentralized physical infrastructure network (DePIN) project focused on providing computing power support, announced raising $8 million in pre-seed and seed funding rounds.

NGC Ventures led the pre-seed round worth $3 million, and M31 Capital and Frachtis (a new fund formed by Xavier Meegan, chief investment officer of staking firm Chorus One) co-led the seed round worth $5 million, Blockless said Tuesday. Other investors in the two rounds included No Limit Holdings, MH Ventures, Interop Ventures and Plassa Capital, Blockless said.

The project closed the pre-seed round in March 2022 but is disclosing it now, along with the seed round, co-founder Butian Li, formerly an investor at NGC Ventures, told The Block. The latest seed round began in February and closed in April, Li said. Both rounds were structured as a simple agreement for future equity (SAFE), with token warrants in a 1:1 ratio, Li added. She declined to comment on the valuation but said the terms of both rounds were "similar."

What is Blockless?

Blockless is a DePIN project that aims to enable users to automatically provide computing power to their applications via its network.

"Users don't have to run a special node or download any software," Li said. "Blockless has created a WebAssembly (WASM) application framework that features a 'nestled node' embedded in the application, meaning that when users open an application, they will automatically be providing compute resources to that particular application through the Blockless network."

Blockless is inspired by a "matchmaking service," Li said, giving an example of how, as Uber connects drivers to users, Blockless aims to connect applications with users to fulfill their computational power needs via its network. Users will then be rewarded by those applications and Blockless, Li said.

Blockless network and token launch

Blockless was co-founded in 2022 by Li, Derek Anderson (formerly of Akash Network AKT +4.61% ), Michael Chen (formerly of Binance), and Liam Zhang (formerly a researcher at New York University).

Li said the project plans to launch its testnet in the coming weeks, and its mainnet and native token, dubbed BLESS, are expected to launch in the third quarter of this year. Blockless is using the Cosmos SDK to create its native network and native token, Li added. 

Blockless's core team is based in Palo Alto, California. Its total headcount is ten people, and Li plans to hire more staff in engineering, product, and ecosystem functions.

Blockless's competitors include projects like io.net and Fluence Network, Li said. In March, io.net developer raised $30 million in Series A funding and reached a token valuation of $1 billion, as The Block reported at the time.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

CandyBomb x TRUST: Trade futures to share 200,000 TRUST!

Bitget Announcement2025/11/06 12:00

CandyBomb x TRUST: Trade to share 1,580,000 TRUST!

Bitget Announcement2025/11/05 10:00

Buy MMT,Get 100% fee rebate in MMT!

Bitget Announcement2025/11/05 04:00