Business News Report
February 26, 2024

MXC Raises $10M Funding from JDI Ventures for DePIN Chain Development

In Brief

MXC raised $10 million funding from JDI Ventures to enhance DePIN projects through hardware development expertise, and market influence.

MXC Raises $10M Funding from JDI Ventures for DePIN Chain Development

Dedicated DePIN chain operating on Arbitrum, MXC today announced that it raised $10 million in funding, with JDI Ventures leading the investment. JDI Ventures is the DePIN-focused investment arm of JDI Global, a well-known blockchain hardware manufacturer.

With this funding round, JDI Global aims to collaborate closely with MXC, providing financial support, expertise in hardware development and market influence to nurture emerging DePIN projects, thereby expediting the growth of the DePIN ecosystem.

Given JDI Global’s expertise as a blockchain hardware manufacturer, they will likely contribute to the development of hardware solutions that support MXC’s DePIN projects. This could include specialized hardware components optimized for decentralized networks.

“JDI Global (HNT, DIMO) invests in the MXC DePIN space. Providing funding, network reach & hardware development to the thriving MXC ecosystem,” MXC Foundation said on platform X while disclosing the latest funding.

Since its establishment in 2017 in Berlin, Germany, MXC has been working to advance the DePIN space. Notably, MXC has launched the first Layer3 zkEVM solution on Arbitrum, with a vision to serve as the DePIN infrastructure for the Ethereum ecosystem.

JDI Global’s Collaboration Propels MXC’s DePIN Innovation

Additionally, it can be said that JDI Global’s involvement could bring significant market influence and credibility to MXC’s projects. This could help MXC gain traction within the blockchain and DePIN space, attract more users and partners, and potentially accelerate the adoption of their technologies.

JDI Global’s collaboration with MXC may extend beyond financial support to include assistance for startup DePIN projects. This could involve mentorship, guidance, and resources to help these startups succeed in building and scaling their decentralized infrastructure.

Recently, MXC unveiled its 2024 roadmap, outlining its ambitious goal to fully unleash the potential of the MXC zkEVM blockchain. It aims for the widespread engagement of users in activities such as interacting with smart contracts, conducting transactions, executing trades, and utilizing available decentralized applications (dApps). In line with this vision, MXC plans to launch its airdrop event, facilitated by the MXC Foundation.

Led by former core members of zkSync, MXC’s technology team indicates that it is working hard to drive innovation in DePIN technology.

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About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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