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Polygon Leading $20 Million Funding Round for AI Blockchain Project Edge Matrix Chain
Aug. 30, 2024. 2 mins. read.
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Polygon is leading a $20 million funding round for Edge Matrix Chain (EMC) to expand its AI and DePIN reach, boosting GPU computing for AI and introducing tokenized GPU assets.
Polygon is spearheading a $20 million funding round for Edge Matrix Chain (EMC), a multi-chain infrastructure project. This move marks a significant step in Polygon’s expansion into the AI sector and the decentralized physical infrastructure networks (DePIN) space.
Polygon’s Strategic Expansion into AI with EMC Investment
Polygon Ventures has joined forces with Amber Group to lead the funding round for EMC, which focuses on integrating computing power networks with decentralized AI applications. Other participants in this investment round include One Comma, Kapley Judge and Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group, and Hameem Raees Chowdhury.
EMC aims to use the funds to develop a Layer-1 (L1) blockchain specifically designed for AI applications. This new blockchain will enhance GPU computing capabilities for crypto AI projects and introduce a novel asset class within the decentralized finance (DeFi) space, backed by tokenized GPU resources. With this blockchain, users can profit from outsourced on-chain GPU resources.
In preparation for the launch, EMC has initiated a two-month public testnet incentive program with a $5 million prize pool distributed over two stages. For Polygon, this investment deepens its involvement in AI and DePIN sectors, reinforcing its position as a versatile blockchain platform capable of managing tokens, rewards, and governance within DePIN applications.
As Polygon expands its footprint in AI, it continues to support Sentient, an open-source AI platform backed by Peter Thiel’s Founders Fund. Polygon co-founder Sandeep Nailwal is a core contributor to Sentient, which is set to enter the testnet phase this quarter, supported by an $85 million seed fund to advance its development.
AI and DePIN Trends Shaping the Future of Blockchain
The convergence of AI and DePIN is emerging as a major trend in 2024. A recent report from Bitwise estimates that the intersection of AI and blockchain could contribute an additional $20 trillion to the global economy by 2030. This growth is supported by significant investments, such as the $500 million fund launched by UAE investment firms Hodler and Gewan to promote DePIN and AI advancements.
Ethereum co-founder Vitalik Buterin has highlighted DePIN as a crucial component for DeFi, suggesting it could rejuvenate the financial sector. Currently, DePIN’s market capitalization is nearing $19 billion, with notable projects like Render and Bittensor leading the charge.
“DePIN is set to drive the next wave of crypto adoption. Its services are easy to understand, allowing millions of people to get involved,” said Fluence Co-Founder Tom Trowbridge. “As revenue begins to grow, global attention will inevitably turn towards this sector.”
The AI trend has already spurred significant growth in the crypto market in the first half of 2024. According to Grayscale, the synergy between AI and blockchain is expected to remain at the forefront as the market continues to evolve. AI-related tokens like Near, Render, and Akash are positioned for growth, with Bittensor (TAO) playing a pivotal role at the intersection of AI and DePIN narratives.
Source: Polygon Enters DePin Space, Leads $20 Million Round for Edge Matrix Chain
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