A16z Leads $111M Token Sale for Helium’s HNT
Helium’s ascent is being rewarded with a $111 million token sale led by venture capital firm Andreessen Horowitz (a16z). Ribbit Capital, 10T Holdings, Alameda Research and Multicoin Capital also invested, the company said in a press release.
The decentralized telecommunications network now has over 100,000 hotspots, a16z said Tuesday in a blog post announcing the investment. The network uses LoRaWAN techonlogy to connect devices (think scooters, e-bikes or other gizmos) to the internet.
Helium is one of the few “real-world” Web 3 projects tapping token-powered incentives to fuel growth.
“What Helium has so far done with telecoms in the wireless space is almost like Airbnb enabling people to monetize their real estate in the form of a mini hotel,” Helium CEO Amir Haleem told CoinDesk in April. At the time, the project had partnered with FreedomFi to stand up a decentralized alternative to 5G networks from telco giants.
HNT is up sharply on the news, jumping from $14.11 per token to $17.35 as of press time.Source