DePIN startup Wingbits raises $5.6 million in funding

According to Golden Finance, Wingbits, a decentralized physical infrastructure (DePIN) startup focused on the aviation industry, has raised $5.6 million in funding, led by Borderless Capital and Bullish Capital. This round of investment brings Wingbits' total financing to $9.2 million. DePIN is a model that uses decentralized network security hardware and can be seen as a blockchain version of cloud computing services provided by large tech giants such as Amazon and Google. The goal of Wingbits is to provide reward based flight tracking using encrypted protected Automatic Dependent Surveillance Broadcast (ADS-B) receivers.