Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF) investee Hivello has entered into a strategic partnership with IoTeX.
The partnership will bring together Hivello’s DePIN aggregator platform with IoTeX’s ecosystem of DePIN projects.
Hivello chairman Domenic Carosa joined Proactive to discuss the collaboration.
Proactive: You have just announced that Hivello has entered a strategic partnership with IoTeX. Tell us a bit more about IoTeX and what this partnership entails.
Domenic Carosa: IoTeX is one of the leading layer one blockchains in the DePIN space. DePIN stands for decentralized physical infrastructure networks. They are a $380 million market cap layer one and we're very pleased to have announced a deal with them today.
So, tell us what the deal will entail and the benefits that you're going to see for Hivello.
Hivello, which is a DePIN aggregation platform, is basically bringing together various DePINs across various verticals. We're going to be integrating the IoTeX chain onto our platform. That means any new DePIN that has launched on IoTeX will be able to be supported by Hivello, and at the same time, IoTeX, through their network and their platform DePINScan.io, will be promoting the Hivello platform to millions of consumers around the world as well.
How soon do you expect to see the benefits of this?
Almost immediately. We're already in the process of integrating IoTeX because there are some great DePINs that live on that particular blockchain.
You say in the announcement that this is a big step forward in your journey to create a vibrant and inclusive DePIN ecosystem. Tell us about the other measures you're taking to push this ecosystem.
Just to give the viewers a little bit of insight into what DePIN is, DePIN stands for decentralized physical infrastructure networks. It's a new form of infrastructure that is decentralized. Going back to the core of when the internet first started, it was decentralized. The way to look at it is to think of it as the sharing economy. Like you share your car or your house, with DePIN, you can share resources from your desktop or laptop. Your RAM, CPU, and GPU. You can share your computer resources and get paid for it, contributing to building a decentralized network. Companies can use that decentralized infrastructure for hosting or training AI models, among other applications.
Looking at Hivello specifically, who's this all targeted at?
Our target audience includes consumers with spare desktops and laptops. As we continue evolving, we'll also target enterprises. We believe in DePIN and see it as environmentally friendly. There are tens of millions of old desktops, laptops, and mobile phones gathering dust. Instead of throwing them away, they can be used to create a sharing economy, get paid for it, and build much more resilient networks.
Talk to us then about Hivello’s evolution and what's next.
Hivello completed a $2.5 million raise late last year. We are now starting a $4.5 million raise at a $30 million pre-money valuation, co-led by Animoca Brands and Blockchain Founders Fund. We expect to complete this in the next six to eight weeks. We've also released our product in private beta for Windows, and we'll soon release Mac and Linux versions.
The funds from this capital raise, how will they be used?
There are two core focuses: building out the technology and infrastructure, and customer acquisition, both B2B and B2C.
Quotes have been edited for clarity and style