Economy Powering Company Peaq Empowers Itself With The 6 Million Dollar Funding

• The corporation of peaq has raised pretty reasonable funding for their network, 6 million USD.
• The company spreads the message that the machines providing goods and services to people can benefit each and everyone regardless of how intelligent they become.
• Peaq will be running for Polkadot parachain to provide smooth cross-chain interoperability with the rest of the Polkadot ecosystem.

6 Million Dollars Investment

Led by Fundamental Labs, the corporation of Peaq has raised reasonable funding for their network of 6 million USD.

The mission of Peaq is to empower, build, manage and earn rewards from decentralized applications, commonly known as dApps.

The corporation specializes in:

• Vehicle sharing
• Charging and Parking
• Transportation facilities.

But there are a few factors that separate Peaq from other counterparts. The whole platform is built on a decentralized and Web3-based model.

The principle behind Peaq is to solve the challenges around machine-job-related automation. 

The company spreads the message that the machines providing goods and services to people can benefit each and everyone regardless of how intelligent they become.

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Claims Of The Company

Eric Yang, the managing partner at Fundamental Labs, commented:

“peaq has created a unique, open, and collaborative model of economic incentives that enables a diverse ecosystem of stakeholders to benefit from advancements in automation via Machine DeFi and Machine NFTs. peaq provides a vital mechanism as we step closer to fulfilling the vision underpinning Web3. As the infrastructure of the next iteration of the Internet of Things blossoms, and as the benefits of blockchain technology in everyday life become clearer, the need for peaq’s machine-centric network becomes more and more apparent.”

Peaq claims they have the funds to develop the peaq network further and make it the engine of a new, sustainable machine economy that allows humans and machines to collaborate more effectively.

The money will go toward expanding our excellent development staff, adding new features and goods to the peaq ecosystem, and raising awareness of the project ahead of peaq’s proposal for Polkadot blockchain, among other things.

Substrate was used to build the layer-1 parachain for peaq, making Polkadot natively compatible with it.

Peaq will be running for Polkadot parachain to provide smooth cross-chain interoperability with the rest of the Polkadot ecosystem.

For programmers creating dApps, peaq offers identity, access, and payment capabilities as essential services to boost their EoT(Economy of Things).

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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