Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF) investee Hivello has launched its passive income generation app in private beta at the Consensus 2024 conference in Austin, Texas.
The app, which allows users to generate passive income through DePIN blockchain infrastructure, has attracted significant interest, with more than 20,000 people now on the waitlist.
Hivello co-founder and chairman Domenic Carosa joined Proactive from the conference to recap the launch and the opportunities for Hivello in the DePIN space.
Proactive: Before we get into the Hivello app launch, can you remind us about what Hivello does?
Domenic Carosa: Hivello is in the Web3 space in DePIN. DePIN stands for decentralized physical infrastructure networks and that’s just a fancy name for infrastructure, whether it’s telco services or like Google or Amazon’s AWS becoming decentralized. It goes back to the core of the internet when it first started when it was very much decentralized. So we have a platform that allows consumers to share their resources, their computer resources whether it’s their RAM, CPU or GPU, in exchange for tokens. They’re getting paid for providing to the network.
You’re at this conference in Austin, Texas, and one of the big things you’ve been able to do is launch a new app from the company. Tell us the thought process behind the app and how it works.
Consensus is actually the biggest blockchain, crypto trade show in the US. There are thousands of people here from the industry so we decided to launch our product in beta at the conference. What it allows people to do at its core is to install it and earn passive income as they share their resources. This is to the Web3 space like Airbnb, where you’re renting out, sharing an asset, or Uber, where you’re using your car to drive other people around. You’re sharing an asset. This is just another way you’re sharing your asset but you’re sharing your space desktop laptop, and soon mobile phone, and you’re able to earn money, basically passive income by sharing those computer resources and contributing to various DePIN networks around the world.
People may be surprised at just how big this market is, the DePIN sector. We’re talking about $2.2 trillion and growth up to $3.5 trillion. This is huge.
We believe there’s significant opportunity in the DePIN space and the area of the market that we’re in. People who have got a spare desktop computer or laptop are able to earn not only crypto but also stablecoins or fiat or just get paid in cash without even having to understand or know about crypto. We’re trying to make it really simple for consumers to enter into DePIN.
You’ve also seen some pretty significant interest in the app as well with 19,600 people subscribing just to be on the waitlist to begin with. So tell us a little bit about the excitement around that and what you’re hearing.
It’s now well over 20,000 people who have registered for the waitlist. We’ve seen significant interest in the product and we’re going to be rolling out progressively over the next couple of weeks to our user base. It’s worth noting that Blockmate is a major shareholder owning about two-thirds of Hivello. I’m not only the chairman of Blockmate but also the co-founder and chairman of Hivello. Ultimately, we believe this value will be attributed to Blockmate shareholders.
Quotes have been edited for clarity and style