Assembly iota defi 100mchavezdreyfussreuters

Almost $100 million will be invested in developing applications by Asian venture capital firms and crypto funds. According to co-founder Dominik Schiener to Reuters, Assembly will be based on the IOTA network. IOTA is a distributed ledger network similar to blockchain. Additionally, Schiener explained that Assembly would focus on cryptocurrency games, non-fungible tokens, and decentralized finance.

Several blockchain companies have turned to this space to meet the demand for cryptocurrency by providing DeFi projects, besides traditional banking sources. Also, NFTs are unique, non-interchangeable digital assets in the crypto industry.

The Berlin-based IOTA foundation has launched Assembly, a contract network similar to Ethereum. It will serve as an anchor for Defi and gaming applications.

Several funding developments in the Assembly network have been funded by Asian investment firms led by Signum Capital, LD Capita, UOB Venture Management, HyperChain Capital, and Huobi Ventures, according to Schiener. $100 million will be given by GSR, a crypto market maker.

Reuters reports that the related investors have confirmed their contributions through statements and emails. The firms have also participated in seed funding, for which $18 million was raised earlier for the Assembly network.

Assembly operates with its network, which is at the top of IOTA, allowing others to create a blockchain network easily. Scheiner further noted that the blockchain network is secured to operate seamlessly.

In addition, Schiener pointed out that Assembly’s test version is ready for launch. The creators, developers, and contributors of Assembly will receive almost 70% of the token supply. Assembly iota defi 100mchavezdreyfussreuters

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