Wingbits, a decentralized physical infrastructure (DePIN) startup focused on the aviation industry, has raised $5.6 million in funding.
DePIN, the model of using hardware secured by a decentralized network, could be seen as a blockchain equivalent of the cloud computing services offered by Big Tech giants like Amazon and Google.
The investment round, which takes Wingbits’ total backing to $9.2 million, was led by Borderless Capital and Bullish Capital. The latter’s parent company, Bullish Group, is also the owner of CoinDesk.
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Wingbits’ aim is to offer rewards-based flight tracking using cryptographically-secured Automatic Dependent Surveillance–Broadcast (ADS-B) receivers.
“Flight tracking has long relied on a global network of volunteers who install home antennas to collect flight data,” Wingbits said in an emailed announcement on Tuesday.
“Companies sell
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