Multicoin Capital’s hedge fund and venture capital arm have invested in DePIN project Grass, a decentralized network that supplies pre-training data to frontier AI labs. The protocol uses crypto incentives to aggregate idle bandwidth from over 6 million contributors who receive USD-denominated rewards.
Grass generated $17 million in revenue during the first half of both 2025 and 2026, with full-year training data revenue projected to reach $75 million. The business is already profitable and has served multiple AI laboratories over the past 18 months.
Multicoin Capital Invests in DePIN Project Grass Following $17M H1 Revenue
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