Peaq Raises $15 Million to Expand Decentralized Physical Infrastructure Networks

Peaq, a layer-1 blockchain, has raised $15 million in a funding round led by Generative Ventures and Borderless Capital to expand its ecosystem of decentralized physical infrastructure (DePIN) networks. DePIN uses blockchain technology and token incentives to build physical infrastructure networks so other projects don't need to buy and run their own equipment, making it a decentralized version of Amazon Web Services or Google Cloud. Peaq currently hosts more than 20 DePIN networks and the funding round comes ahead of the blockchain's mainnet launch and listing of the PEAQ token. Crypto market data provider Messari estimates that DePIN could have a market value of $3.5 trillion by 2028.