Nova Labs, a blockchain development company, is beginning to regain some notoriety. The firm behind the Helium (HNT-USD) network is beginning to generate positive coverage after taking a backseat to regulatory and market-related issues. The business is now working on a significant purchase to strengthen its network of almost a million internet hotspots with 5G capabilities.
A new perspective on internet access is being offered by Helium. The network has seen a surge in interest over the last year. By completely excluding them from the initiative, established internet service providers (ISPs) are put in danger. Instead of subscribing for these corporations’ services, one may join Helium’s peer-to-peer hotspot network, which is rapidly expanding.
These hotspots are available anywhere in the globe, wherever a user wishes to activate one. Nearly 930,000 pieces of this gear are now in existence. Despite being most popular in the United States and Europe, Helium is present in some form on all six continents.
Others link their devices to these hotspots and pay with cryptocurrency credits, which are far more affordable than ISP costs. Hardware deployers get cryptocurrency incentives in exchange for hosting linked devices, giving the process a passive revenue stream comparable to cryptocurrency mining.
Investors have been paying close attention to Nova Labs, the project’s developer, as its user base expands. The business raised $200 million from a variety of investors in May. Along with a16z and Seven Seven Six, Tiger Global took the lead in the round. However, it has drew investments from companies like Telekom Innovation Pool in Europe and NGP Capital, which is supported by Nokia (NYSE:NOK).
Acquiring FreedomFi will help Nova Labs’ 5G network.
Clearly, certain major telecom industry players have recently invested in Nova Labs; these players directly compete with Helium. Helium is at the forefront of the 5G phenomena, which explains why. It also has the potential to deploy this technology more quickly than conventional ISPs ever could because of its decentralized structure. Thus, it seems that these businesses are hedging their bets in the hope that Nova Labs will have enormous success. The company’s recent purchase of FreedomFi will further strengthen this argument.
The company’s purchase by Nova Labs is being announced today without providing many financial specifics. Software development for decentralized connection is an area of expertise for FreedomFi. The business received $9.5 million in March from companies including Qualcomm (NASDAQ:QCOM) and Samsung. All 30 of FreedomFi’s workers will be absorbed by Nova Labs as part of the transaction.
Given Nova Labs’ recent push towards 5G, the news is huge. The business announced and launched 5G-capable Helium hotspots in September 2021.
Helium’s network grows on its own, in contrast to conventional ISPs, who must spend a lot of money building costly towers to house their own decentralized 5G networks. It mobilizes consumers themselves and is much more cost-effective than conventional ISPs, resulting in a network that is expanding considerably more quickly.
Although FreedomFi and Nova Labs have previously collaborated on 5G hotspots, having the whole firm under one roof would benefit Nova Labs more and bring FreedomFi developers’ skills on board full-time. In order to make its technology more widely available, FreedomFi also established its own “powered by FreedomFi” program and collaborated with hardware suppliers. Naturally, it only seems natural that Nova Labs would rely on this foundation as it grows.