Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF) announced the launch of its investee Hivello Holdings' passive income generation app at Consensus 2024 in Austin, Texas.
The app currently has 19,600 users subscribing to the waitlist.
It aims to simplify Web3 mining for novices by enabling them to use unused computing power to generate passive income through blockchain channels.
Blockmate Ventures owns a 67% stake in Hivello, which successfully raised US$2.5 million in an upsized funding round in February, bringing its pre-money valuation to US$9 million.
Hivello's new app targets the Decentralized Physical Infrastructure Networks (DePINs) sector.
Users can earn passive income by contributing resources such as CPUs, GPUs, bandwidth, and storage.
The private beta version, currently available on Windows, will be accessible to select users from the waitlist.
Domenic Carosa, co-founder and chairman of Hivello, stated: “We are incredibly excited to launch Hivello at the prestigious global event, Consensus, following our successful signup phase.
“We are eager for users to test the private beta, which will be available to a select group from the 19,600 waitlisted members.
“Our mission has always been to bring DePINs to the masses, and we believe Hivello will not only remove barriers for those curious about DePINs - but also help create its niche within the Web3 sphere.
“This launch brings us closer as a company and community to advancing DePIN mining, expanding the DePIN ecosystem, and giving DePIN protocols the recognition they deserve.”