The DePIN player Roam has received an undisclosed funding from Samsung Electronics subsidiary Samsung Next.
According to Global Economic, a South Korean media outlet, Roam would use the funds to develop a global network of WiFi roaming stations.
The company, run by MetaBlox, is also developing an ecosystem for DeWi, or decentralized WiFi.
A Samsung Affiliate Invests in Second Roam
Samsung Electronics' venture capital division is called Samsung Next. It focuses on investing in fields including blockchain, cryptocurrency, AI, and the Internet of Things.
The company is based in the US and has made investments in foreign cryptocurrency initiatives in the past, such as FTX.
Samsung Next participated in a $5 million Roam strategic fundraising round late last year. The amount of the most recent funding round for the Samsung affiliate remained undisclosed.
Prior to now, Samsung Next has supported blockchain and cryptocurrency entrepreneurs. Among its prior actions was a 2021 investment in Sky Mavis, the Vietnam-based company that created the blockchain video game Axie Infinity.
The South Korean company has also supported the now-defunct NFT player Nifty's and the web3 developer platform Alchemy.
Samsung Next "has shown a deep commitment to fostering blockchain innovation," according to Roam.
The DePIN participant claimed that Samsung Next's support demonstrated "a clear preference for Roam's potential and innovation."
DePIN: What Is It?
Projects that provide blockchain-powered management systems for actual "physical infrastructure" are referred to as DePIN, or Decentralized Physical Infrastructure Networks.
This can involve WiFi networks, data markets, and processing capacity. Typically, projects employ decentralized apps that reward service providers with digital currency.
The company added: "By integrating the latest technologies and protocols, and expanding its user base to traditional Web2 and Web3 users," Roam tweeted on X (previously Twitter) that the investment would "contribute to enhancing Roam."
"With the support of Samsung Next, Roam is well-positioned to fulfill its objective of providing decentralized internet connectivity to people globally, enhancing its user-friendliness, security, and transparency.”
Investors in cryptocurrency and blockchain, such as Volt Capital and Comma3 Ventures, are among the other funders of Roam.
April 2024, Cryptoniteuae