Multicoin Capital Announces Investment in DePIN Project Grass, with $17 Million Revenue in the First Half of the Year

Multicoin Capital General Partner Shayon Sengupta announced in a post that its hedge fund and venture capital fund have invested in the DePIN project Grass. Grass leverages crypto incentive mechanisms to recruit global contributors to share idle bandwidth, building a decentralized network to provide pre-training data for cutting-edge AI labs. Over the past 18 months, it has served multiple labs. Grass achieved $17 million in revenue in the first half of both 2025 and 2026 and is projected to generate $75 million in annual revenue from training data services alone, with the business already turning profitable. More than 6 million contributors have received rewards denominated in USD.