Asian VCs, crypto funds to invest $100 mln to bolster new Assembly blockchain

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NEW YORK, Dec. 10 (Reuters) – Some of Asia’s major venture capital firms and cryptocurrency funds will invest $ 100 million to continue developing applications in a new blockchain called Assembly under the IOTA network, co-founder Dominic Shiner told Reuters in an interview. .

IOTA is a distributed bookkeeping network similar to Blockchain.

The assembly will focus on decentralized funding (DeFI), unchangeable tokens (NFT) and cryptocurrency games, Shiner said.

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DeFi projects, which enable crypto loans outside of traditional banking, and NFTs, which are digital assets that have been approved as unique and non-exchangeable, are two of the fastest growing crypto sectors. Many blockchain companies around the world have turned to this field to meet the growing demand.

Assembly, a smart contract network similar to the Ethereum blockchain launched by the Berlin research and engineering group last month, will serve as an anchor for DeFi, NFT and gaming applications. Smart contracts are self-executed transactions whose results depend on pre-programmed inputs.

Asian investment firms led by LD Capital, Signum Capital, Huobi Ventures, UOB Venture Management, HyperChain Capital and Du Capital have pledged $ 100 million to fund developments in the Assembly network, Shiner said. The maker of the crypto market GSR will also contribute to an investment of $ 100 million, he added.

All investors have confirmed their investment in emails and statements to Reuters.

These companies also took part in initial funding earlier this year that raised $ 18 million for Assembly.

“Assembly is now its own network built on top of IOTA and allows anyone to create their own blockchain network. And this blockchain network is considered secure and connected through IOTA,” Shiner said.

“You can think of Assembly as a network of networks, where there are a lot of blockchains that are now secure and connected using the same architecture,” he added.

The beta or test version of Assembly is already alive, said Shiner, which will be officially launched next year with its own token. Assembly developers, creators and early contributors will be rewarded with close to 70% of the total token supply.

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Report by Gertrude Chavez-Dreyfus; Edited by Elden Bentley and Chizu Numiyama

Our standards: The principles of trust of Thomson Reuters.




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