PL Capital backs crypto primitives as core infrastructure for AI and machine payments

PL Capital, a Protocol Labs-affiliated investor, argues crypto primitives are horizontal infrastructure like calculus, not a vertical, and will only back companies where a primitive is essential rather than replaceable by a database or payment API. It sees AI, cryptographic tools, and physical-world platforms maturing simultaneously, with examples including Venice, Zama's fhEVM, Iroh, and Prime Intellect. It cites BlackRock's machine-native economy paper and McKinsey's projection that inference grows from 20.9 GW of data-center demand in 2025 to 93.3 GW by 2030. The firm targets three areas: crypto rails, verifiable AI infrastructure, and token-coordinated applications.

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• Crypto
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