Asian VCs and crypto funds to invest $100M in Assembly blockchain
The largest Asian VCs and crypto hedge funds are investing $100 million (~£75.37 million) in further app development on a new Assembly blockchain, part of the IOTA network, says co-founder of the company Dominik Schiener.
IOTA is a blockchain-like distributed ledger network. According to Schiener, Assembly will focus on decentralised finance, NFTs and crypto games.
NFTs and DeFi projects that facilitate crypto-backed lending with zero help from traditional banking, are two of the fastest growing crypto sectors. This is why many blockchain companies around the world have switched gears to meet the growing demand.
Assembly, a smart contract network with similarities to the Ethereum blockchain, launched in November by the Berlin-based research and engineering group Iota Foundation, which serves as the foundation for DeFi, NFT, and other DApps.
Asian investment companies, including LD Capital, Signum Capital, Huobi Ventures, UOB Venture Management, HyperChain Capital and Du Capital, have invested $100 million (~£75.37 million) in the Assembly network development, Schiener said. These companies raised $18 million (~£13.56 million) for Assembly in seed funding earlier this year.
“You can think of Assembly as being a network of networks, where there are many blockchains that are now being secured and connected through the same architecture,” Dominik Schiener, co-founder of the Iota network.
“Assembly is now its own network that’s built on top of Iota and enables anyone to create their own blockchain network. And this blockchain network is deemed secure and connected through Iota,” says Schiener.
Assembly’s beta version is already live, says the company’s CEO, and the official launch along with the release of its own token will take place next year. Developers and early adopters of Assembly will receive almost 70% of the total token supply.
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