{"id":98701,"date":"2024-10-31T14:42:12","date_gmt":"2024-10-31T18:42:12","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=98701"},"modified":"2024-10-31T14:43:09","modified_gmt":"2024-10-31T18:43:09","slug":"depin-glow-raises-30m-from-usv","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/depin-glow-raises-30m-from-usv\/","title":{"rendered":"DePIN Glow Raises $30M from Framework Ventures, USV"},"content":{"rendered":"\n

The funds will be used to expand Glow's solar grid in India, which is projected to replace the energy consumption<\/a>\u00a0of 34,000 households.<\/p>\n\n\n\n

\"DePIN<\/figure>\n\n\n\n

Ethereum-based platform Glow has secured $30 million from venture capitalists to expand its decentralized solar farm initiatives.<\/p>\n\n\n\n

Framework Ventures \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>and Union Square Ventures led the funding round, with participation from Lattice Ventures, Protocol Labs, Hack VC, HF0, and Alliance DAO, according to an Oct. 31 announcement. <\/p>\n\n\n\n

The new funds will go toward scaling a solar grid expected to provide energy for 34,000 homes in India.<\/p>\n\n\n\n

David Vorick, founder and CEO of Glow Labs, shared that \u201cIn less than a year, Glow has grown from a rooftop solar project in the US to a network with several multimillion-dollar solar farms in India. <\/p>\n\n\n\n

\"DePIN
DePIN projects revenue. Source: DePIN.Ninja<\/em><\/figcaption><\/figure>\n\n\n\n

The solar farms that have already been built are projected to eliminate more than 85,000 tons of CO2 emissions over their lifetime.\u201d<\/p>\n\n\n\n

DePIN protocols, or decentralized physical infrastructure networks, use blockchain to let individuals jointly own, manage, and earn from infrastructure like solar grids, wireless networks, and data storage. <\/p>\n\n\n\n

Contributors of physical assets, such as energy nodes, are rewarded with digital tokens, making these projects both economically viable and scalable.<\/p>\n\n\n\n

According to data from DePIN.Ninja, Glow leads the DePIN sector in profitability, having earned over $3.5 million in revenue since its 2023 beta launch\u2014surpassing other networks, including Helium. <\/p>\n\n\n\n

Glow reports slightly higher earnings of $5 million, attributing the recent gains to expansion in Rajasthan, India, over the past 40 days.<\/p>\n\n\n\n

Glow rewards solar farms in its network with GLW tokens for energy production and stablecoin rewards<\/a> for carbon credits. <\/p>\n\n\n\n

This incentive structure focuses on rewarding farms that deliver high environmental impact, especially in areas where clean energy can significantly reduce carbon emissions.<\/p>\n\n\n\n

Power Ledger, another DePIN protocol, supports decentralized energy through peer-to-peer trading, allowing consumers to sell excess energy directly to neighbors.<\/p>\n\n\n\n

\u201cWe think DePIN can be a powerful tool for rolling out physical infrastructure across the world,\u201d stated Framework Ventures co-founder Michael Anderson.<\/p>\n","protected":false},"excerpt":{"rendered":"

The funds will be used to expand Glow’s solar grid in India, which is projected to replace the energy consumption\u00a0of 34,000 households. Ethereum-based platform Glow has secured $30 million from venture capitalists to expand its decentralized solar farm initiatives. Framework Ventures and Union Square Ventures led the funding round, with participation from Lattice Ventures, Protocol […]<\/p>\n","protected":false},"author":56,"featured_media":98705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[710,4037,1996,20426,4042],"class_list":["post-98701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-business","tag-companies","tag-decentralization","tag-depin","tag-venture-capital"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/DePIN-Glow-Raises-30M-from-Framework-Ventures-USV.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=98701"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/98705"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=98701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=98701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=98701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}