Dubai, UAE, April 12th, 2024, Chainwire
LBank Labs has announced a strategic investment in peaq network, marking a significant milestone as peaq gears up for its mainnet launch and initial public offering. This investment is part of a larger $15 million funding round aimed at propelling peaq network to the forefront of the Decentralized Physical Infrastructure Networks (DePIN).
Peaq network has been making waves with its unique approach to blockchain technology, specifically designed for DePIN. The network provides a wide array of ready-to-use Modular DePIN Functions that equip DePINs and dApps with essential core functionalities, enabling devices and machines to autonomously perform transactions and interact with each other. Peaq network is set to unlock new efficiencies and opportunities across a range of industries, from automotive to logistics and beyond.
The funding from LBank Labs arrives on the heels of peaq’s successful $15 million pre-launch funding round with other investors like Borderless Capital, Generative Venture, Spartan Group, CMCC Global and others. This underscores the interest and potential seen in peaq’s approach to leveraging blockchain for real-world DePIN applications. This is poised to propel peaq network into its next phase of growth and development.
Till Wendler, co-founder of peaq network, expressed his enthusiasm for the partnership, stating, “We are thrilled to have the backing and support of LBank Labs at such a pivotal moment for peaq, as we are nearing the mainnet launch and the first public offering. LBank’s mission to drive innovation in the web3 ecosystem aligns with our vision and goals of being at the forefront of real-world Web3 adoption as a Layer-1 blockchain for DePIN.”
This investment not only reflects LBank Labs’ commitment to nurturing innovation in the blockchain space but also aligns with its strategic goal to support projects that have the potential to make a significant impact on the web3 ecosystem and beyond.
“We view DePIN as an innovative and economic way to incentivice people to build a valuable real-world infrastructure. LBank Labs is dedicated to identifying and investing in projects that push the boundaries of blockchain technology and its applications. Peaq network, with its unique focus on the represents exactly the kind of innovative and transformative project we believe in. We are excited to support peaq as it prepares to launch its mainnet and look forward to the impact it will have on the blockchain industry and the broader economy,” said Nathalie Yang, the Principal at LBank Labs.
As Peaq network moves closer to its mainnet launch and public offering, the investment by LBank Labs marks a significant milestone in its journey. It underscores a shared vision for the future with the aim of blockchain technology, where decentralized applications and autonomous devices create a more efficient, secure, and interconnected world.
For further information about peaq network and its developments, users can visit peaq network’s official blog.
About LBank Labs:
LBank Labs, with its $100M AUM, is renowned for its strategic investments in the blockchain and cryptocurrency space. Its portfolio boasts of innovative projects such as Entangle, Puffer Finance, LunarCrush, Navi Protocol, Exabits, Hivello, and significant investments in VC funds such as Collab Currency, SevenX Ventures, IOSG Ventures, Blockchain Builders Fund, and more.
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