Asian venture capital companies and crypto funds will invest almost $100 million in developing applications. It should be based on a new blockchain known as Assembly under the IOTA network, as has been told to co-founder Dominik Schiener to Reuters. IOTA is a distributed ledger connectivity similar to blockchain. Schiener further added that Assembly would focus on cryptocurrency games, non-fungible tokens and decentralized finance.
DeFi projects facilitate cryptocurrency lending other than traditional banking sources. In addition, NFTs are unique and non-interchangeable digital assets in the crypto sector. Some blockchain companies have turned to this space to meet the demand for cryptocurrency.
Assembly, which is a contract network like the Ethereum blockchain, has been launched by the Berlin-based group IOTA foundation. It will serve as an anchor for Defi, gaming applications and NFT.
Asian investment companies led by Signum Capital, LD Capita, UOB Venture Management, HyperChain Capital, and Huobi Ventures have given $100 million for several funding developments in the Assembly network, as said by Schiener to sources. GSR, which is a crypto market maker, will give $100 million.
The related investors have confirmed their share of contribution through statements and emails, as has been told to Reuters. The firms have also participated in seed funding on which $18 million was raised for the Assembly network purpose earlier.
Assembly is operating with its network, being at the top of IOTA and enabling others to create a blockchain network easily. Scheiner further added that the blockchain network is secured to operate and connect with IOTA seamlessly.
On this ground, Schiener added that Assembly’s test version is ready for its official launch. Creators, developers and contributors of Assembly will be rewarded close to almost 70% of the token supply.