Quick take:
- The company will use the funds to accelerate the development of its DePIN infrastructure of the Ethereum ecosystem.
- The team also announced the launch of the first laye3 zkEVM solution on Arbitrum.
- JDI Global and MXC will collaborate to provide funding, hardware development, and market influence support to startup DePIN projects.
Meta X Connect, MXC Foundation has received a $10 million investment from JDI Ventures, the investment and incubation arm of blockchain hardware manufacturer JDI Global. MCX offers a Web3 infrastructure layer focused on bringing real-world assets to the blockchain.
The company’s decentralised physical infrastructure network (DePIN) for the Ethereum ecosystem is the first laye3 zkEVM solution on Arbitrum. MXC plans to use the fresh capital to accelerate the development of its DePIN solution.
According to the announcement posted on the MXC blog, JDI Global and MXC will collaborate to provide funding, hardware development, and market influence support to startup DePIN projects.
MXC states on its website that it is on a mission to bring real-world asset collateralisation to Web3 by enabling real-world items to be bridged with the metaverse and Decentralized Finance (DeFi) protocols.
For instance, the company offers the MXC NFT marketplace, which leverages Low-Power Wide-Area Networks (LPWAN) and NFC technology to track, authenticate, and submit location proofs for real-world collectibles.
MXC’s leadership team consists of former core contributors to zkSync, a zero-knowledge-based scaling solution on Ethereum, and looks “to push the boundaries of DePIN technology.”
This fundraising comes at a time when more Web3 investors are returning to the market amid the current resurgence of the crypto industry. Web3 startups are poised for the first quarterly increase in the funds raised following eight consecutive quarters of declines.
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