VanEck is one of the world’s largest asset managers. Now, they’re backing a startup building a new type of internet network on top of the Solana blockchain.
What’s happening:
- VanEck Ventures and VanEck Digital Assets have invested $2.5M USD into decentralized physical infrastructure startup DAWN
The big idea:
- DAWN is aiming to create a decentralized internet service provider through establishing a large network of individual nodes that are owned and operated by individuals
- Individuals who participate in the DAWN network can share excess internet bandwidth through deploying routers and hotspots and earn tokens for contributing to the expansion of the network
Why it matters:
- Prominent crypto venture capital fund Dragonfly previously led a larger financing round into Andrena which is the parent company developing DAWN
Going deeper:
- DAWN is built on top of the Solana blockchain, which has continued to see a massive uptick in developer activity and user growth of late
- Decentralized physical infrastructure and crypto startups focused on improving the accessibility of the internet have become a growing trend, with Samsung previously investing into Roam
