Summary
- VanEck has announced a total investment of $2.5 million in the Solana-based DePIN project Dawn.
- This investment marks the first instance where multiple funds under VanEck have simultaneously invested in a single company.
- The investment will be used for internet-sharing mini-networks and retail market expansion.
Global asset manager VanEck has announced a $2.5 million (approximately 3.6 billion KRW) investment in the DePIN project Dawn, which is based on the Solana (SOL) blockchain.
According to crypto media outlet Blockworks on the 16th, VanEck's Digital Asset Alpha Fund and VanEck Ventures have invested $2.5 million in Dawn. Part of the investment will be used to build mini-networks that allow users to share the internet and to expand the retail market through hardware.
VanEck stated, "This is the first time multiple funds under VanEck have simultaneously invested in a single company."
Meanwhile, DePIN aims to apply blockchain technology to physical infrastructure and systems, creating decentralized networks for tangible infrastructure using blockchain and other technologies.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
