#Aviation DePIN company Wingbits raises $5.6 million in funding#

Aviation DePIN company Wingbits recently announced the completion of a $5.6 million funding round led by Borderless Capital and Bullish Capital, with participation from DeFi Partners and Sky Ventures, bringing its total funding to $9.2 million. Wingbits focuses on the aviation industry, aiming to create a reward-driven flight tracking model through crypto-secured ADS-B receivers. Currently, traditional flight tracking relies on volunteers installing antennas to collect data, which is then resold to airports and airlines for hundreds of millions of dollars in revenue, while volunteers receive no compensation. Wingbits' DePIN model aims to change this by returning ownership and profits of flight tracking data to data providers, namely volunteers, through a decentralized network of secure hardware. Wingbits' DePIN model can be seen as a blockchain version of cloud computing services offered by large tech giants like Amazon and Google, leveraging blockchain technology to ensure data security and transparency, and using a reward mechanism to incentivize user participation in data collection and sharing. This funding will be used to further develop Wingbits' platform and expand its user base globally.