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To bolster Assembly’s blockchain, Asian VCs and crypto funds invest $100 million

Two of the fastest-growing crypto industries are DeFi projects, which provide crypto-denominated financing outside of traditional banking, and NFTs, which are digital assets confirmed to be unique and not interchangeable.

Asian VCs and crypto funds invest $100 million

To bolster Assembly's blockchain, Asian VCs and crypto funds invest $100 million

Image Source: MoneyControl

Venture capitalists and crypto hedge funds from Asia will invest $100 million in developing new applications based on Assembly, a new blockchain platform under IOTA, said Dominik Schiener, the co-founder of IOTA.  The Assembly will focus on decentralized finance, non-fungible tokens, and cryptocurrency games, Schiener said.

IOTA is a blockchain-like distributed ledger network. According to Schiener, the Assembly will focus on decentralized finance (DeFI), non-fungible tokens (NFTs), and cryptocurrency games.

Two of the fastest-growing crypto industries are DeFi projects, which provide crypto-denominated financing outside of traditional banking, and NFTs, which are digital assets confirmed to be unique and not interchangeable. To accommodate rising demand, many blockchain companies throughout the world have shifted their focus to this area.

Assembly, a smart contract network akin to the Ethereum blockchain that was released last month by the Berlin-based research and engineering firm IOTA Foundation, will serve as the foundation for DeFi, NFT, and gaming applications. Smart contracts are self-executing transactions that rely on pre-programmed inputs to produce their results.

LD Capital, Signum Capital, Huobi Ventures, UOB Venture Management, HyperChain Capital, and Du Capital are among the Asian investment firms that have pledged $100 million to the Assembly network’s expansion, according to Schiener. GSR, a cryptocurrency exchange, would also contribute to the $100 million investment, he said. In emails and statements to Reuters, all of the investors acknowledged their investment.

These companies also contributed to Assembly’s seed fundraising round, which raised $18 million earlier this year. “Assembly is now its own network, based on IOTA, that allows anyone to design their own blockchain network. And, thanks to IOTA, this blockchain network is considered secure “Schiener stated.

“Think of Assembly as a network of networks,” he explained, “where numerous blockchains are now being secured and connected using the same architecture.”

Assembly’s beta or test version is now available, according to Schiener, and will be officially launched with its own token next year. Assembly developers, creators, and early contributors will receive over 70percent of the token supply.

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Also read: MicroStrategy purchases 1,434 BTC for $82M, now holding 122,478 Bitcoin

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