IDG Blockchain has made the latest crypto news by announcing a 7-digit investment in U2U Network, co-leading its seed round to support the mass adoption of Decentralized Physical Infrastructure Networks (DePIN), enabling the IDG Blockchain U2U Network to advance its DePIN Subnet technology.
IDG Blockchain is an early-stage venture capital fund that focuses on blockchain, AI, and emerging technologies. The firm’s portfolio includes names like dappOS, Pontem, Lumoz, ZkEX, Avalon, Catalyst, and Grindery.
As a member of the IDG Capital network, IDG Blockchain benefits from over 20 years of VC experience. Managing its earlier brother fund, IDG Ventures Vietnam ($100M), and a GP team of established technology and business experts in the Web3 space, the firm is well-known in Southeast Asia and gaining recognition in the US. Most of its portfolio companies are based in the US.
IDG Capital has pioneered venture capital in China, investing in companies like Tencent, Baidu, Ctrip, Xiaomi, Shein, Meituan, iQiyi, SenseTime, Moncler, and Farfetch. With 11 offices worldwide and $23 billion in assets under management, IDG Capital has invested in projects like Ripple, Coinbase, and Circle.
According to Cointelegraph’s crypto update, the DePIN market is currently valued at around $2.2 trillion and projected to reach $3.5 trillion by 2028. BeInCrypto reports significant growth in this sector since the beginning of 2024, with around 650 new projects launched and a total market capitalization reaching $20 billion.
About U2U Network
U2U Network is a pioneering modular chain built on top of DAG that is compatible with EVM. It emphasizes a Modular Layer-1 Network and a DePIN Ecosystem. Leveraging the innovative Helios Consensus mechanism, U2U Network’s modular architecture ensures high performance, efficiency, and compatibility with Ethereum Virtual Machine (EVM).
IDG Blockchain U2U Network aims to become a comprehensive ecosystem for Web3 builders, offering robust infrastructure with a Modular Layer-1 Network and a DePIN Ecosystem. Positioned at the forefront of the trillion-dollar DePIN marketplace, U2U Network is a Layer 1 blockchain platform equipped with cutting-edge Subnet Technology. Similar to how Bitcoin (BTC) and Ethereum (ETH) have transformed digital finance, U2U Network’s innovations are set to revolutionize digital resource management.
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The U2U Subnet is a disruptive scaling solution that enables unlimited scalability. By forming a network of blockchains around the main chain, each U2U Subnet operates independently from the mainnet, keeping the Subnets functional even when the Mainnet is down. Transaction verification occurs directly on the Subnets, enhancing transaction security, and minimizing the risk of malicious attacks.
U2U Network is developing a decentralized, user-driven marketplace for digital resources called the DePIN Marketplace, allowing the buying and selling of digital resources like internet bandwidth, storage space, and valuable data. U2U Network aspires to become Amazon or Alibaba in the Web3 world, driving massive adoption and network effects.
U2U Network’s team comprises over 120 members and 40 contributors, formerly from high-profile companies such as Kardiachain, Google, and Infina (Y Combinator S21). The advisor team includes experts affiliated with Stanford University, RMIT University, and Animoca.
IDG Blockchain’s Support for U2U Network
IDG Blockchain’s investment in the U2U Network extends beyond funding. It specifically supports the R&D of U2U Labs to perfect the Subnet Protocol and create tools for developers to engage with the network. “Subnet Protocol allows different segments of our network to operate independently yet securely, reducing the burden on our main network and enhancing overall efficiency. This makes U2U Network a perfect fit for DePIN applications,” explained Ms. Chloe Phung, Co-Founder & CMO of U2U Network.
Building on this momentum, U2U Network will launch a $1 million grant to further DePIN development, leveraging strategic support from IDG Blockchain.
Conclusion
IDG Blockchain’s investment in the U2U Network represents a significant step forward in the evolution of decentralized physical infrastructure networks. The BIT Journal understands that this collaboration combines IDG’s financial strength and strategic insight with U2U Network’s innovative technology to push the boundaries of DePIN development.
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