Multicoin Invests in Decentralized Bandwidth Network Grass

Multicoin Capital has invested in the decentralized bandwidth network Grass through its hedge fund and venture capital fund, referring to it as the reading layer for machine intelligence. Over the past 18 months, Grass has recruited contributors to share idle bandwidth through crypto incentives for querying and parsing the public internet, connecting data to the data pipelines of frontier labs. Grass reports that over 6 million contributors have received rewards denominated in USD, funded by the revenue generated directly from their contributions. Grass expects to generate $17 million in revenue in 2025, with another $17 million in the first half of 2026, with nearly all AI clients making repeat purchases. Grass claims to be profitable and guides that its revenue from training data alone will reach $75 million in 2026. Sengupta stated that Grass plans to launch a Contents API, allowing models to open and render public pages through residential networks, and plans to introduce a Search API along with web indexing. Grass has collected over 1 billion public network videos, some of which are used in collaboration with Multicoin portfolio company Inference.net for training video annotation models.

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