JAKARTA - Some of Asia's largest venture capital firms and crypto hedge funds will invest more than 100 million US dollars (Rp 1.4 trillion) to develop applications on a new blockchain called Assembly under the IOTA network. Its co-founder, Dominik Schiener, told Reuters in an interview.
IOTA is a distributed ledger network similar to blockchain. Assembly will focus on decentralized finance (DeFI), non-exchangeable tokens (NFT), and cryptocurrency games, Schiener said.
The DeFi project, which facilitates lending in cryptocurrencies outside of traditional banking, and NFT, which is a digital asset certified as unique and non-exchangeable are the two fastest growing crypto sectors.
Many blockchain companies around the world have rotated to fill this space to meet the growing demand.
Assembly, a smart contract network similar to the Ethereum blockchain launched by Berlin-based research and engineering group IOTA Foundation 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 committed $100 million to fund developments on the Assembly network, Schiener said. Crypto market maker GSR will also contribute to the $100 million investment, he added.
All investors confirmed their investments in emails and statements to Reuters.
These companies also took part in a seed funding around the start of this year which raised $18 million for Assembly.
“Assembly is now its own network that builds on IOTA and allows anyone to create their own blockchain network. This blockchain network is considered secure and connected via IOTA,” Schiener told Reuters.
"You can think of Assembly as networks, where there are multiple blockchains now secured and connected via the same architecture," he added.
The beta or trial version of this assembly is already live, says Schiener, which will officially launch next year with its own token. Assembly developers, creators and early contributors will be rewarded with nearly 70% of the entire token supply.
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