Multicoin Leads $8 Million Investment in Geodnet GPS Alternative
Multicoin is leading an $8 million investment in GEOD tokens, supporting Geodnet's development of a high-accuracy alternative to GPS.
Key Points:
- Geodnet operates within the DePIN sector, incentivizing individuals to host base stations.
- The GEOD token has more than doubled in value over the past year due to high demand.
- Geodnet provides centimeter-level location data through nearly 14,000 base stations.
- Base station operators earn GEOD tokens while reducing deployment costs for Geodnet.
- Geodnet aims to facilitate advancements in technologies requiring precise location data, including self-driving vehicles and drones.
- The project generated over $3 million in annual recurring revenue.
- Expansion plans include targeting markets in India and South America by 2025.
- The funding represents a strategic investment from Multicoin, with tokens purchased directly from Geodnet Foundation.
Geodnet previously raised capital in April 2024 from Coinfund, Pantera, and VanEck.