Blockmate Ventures' investee Hivello Launches Passive Income Generation App at the biggest USA Crypto conference
June 5, 2024
- Blockmate investee Hivello launches at the biggest USA Crypto conference
- Significant interest with 19,600 users subscribing to the waitlist
- Blockmate’s NAV is 8.1 cents per share, yet today’s share price is 3.5c, representing a 56% discount to the implied valuation of Blockmate’s 67% stake in Hivello*
Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) and Hivello Chairman Domenic Carosa joined Steve Darling from Proactive to share exciting news about Blockmate Ventures' subsidiary, Hivello Holdings. The company has launched its passive income generation app in private beta at the Consensus 2024 conference in Austin, Texas. The app has garnered significant interest, with 19,600 users subscribing to the waitlist.
The recent funding round for Hivello was secured as a Simple Agreement for Future Equity (SAFE) instrument. Consequently, once converted, the post-money implied valuation of Blockmate’s 67% stake is USD $6.7 million (CAD $8.9 million) or 8.1 cents per Blockmate share1. It's important to note that Blockmate’s current share price is CAD 0.035c on the TSXv (MATE) and USD 0.022 on the OTCQB (MATEF) as of closing on June 4th 2024.
The round included eminent Web3 investors such as Blockchange (USA), Cypher Capital, MH Ventures, Primal Capital, Contango Digital Assets, Candaq, NGC, Blockchain Founders Fund and IDG.
The Hivello app stands out in the crowded market by simplifying Web3 mining for all, including novices. It allows users to utilize unused computing power to generate passive income through blockchain channels. Consensus is recognized as the world’s largest, longest-running, and most influential gathering for the cryptocurrency, blockchain, and Web3 community, making it the perfect venue for Hivello's launch. The app addresses the fragmented, expensive, and complex nature of Decentralized Physical Infrastructure Networks (DePINs) by offering a familiar, opt-in application that streamlines the onboarding process into three simple steps: download, install, and earn.
The platform’s intuitive design and functionality ensure ease of navigation, optimizing resources even on the slowest of hardware. Recent studies have highlighted the substantial potential market size of the DePIN sector, estimated at $2.2 trillion, with projections suggesting growth up to $3.5 trillion by 2028. This significant market potential underscores the relevance and timeliness of Hivello's innovative solution. Rosenberg and Carosa emphasized that the app's user-friendly approach is designed to democratize access to Web3 mining, enabling a broader audience to participate in and benefit from blockchain technology.
The platform's ability to optimize resource usage ensures users can generate passive income without needing high-end computing hardware. Looking ahead, Blockmate Ventures and Hivello are focused on expanding the app’s features and functionality based on user feedback from the private beta. The goal is to refine the platform to meet the needs of both novice and experienced users, ensuring a seamless experience that maximizes income potential.
DISCLAIMER
* There is no guarantee that this valuation will be realised