About $100 million from Asian VCs and cryptocurrency funds will be used to finance app development. Assembly will use the IOTA network, according to co-founder Dominik Schiener’s comments to Reuters. Like blockchain, IOTA is a decentralized ledger. In addition, Schiener clarified that Assembly’s primary interest would be in the realms of decentralized finance, cryptocurrency games, and non-fungible tokens.
Many startups in the blockchain industry are focusing on developing alternatives to existing banking systems in order to keep up with the rising demand for cryptocurrencies. Moreover, NFTs are distinct crypto assets that cannot be traded for other NFTs.
Assembly is a new Ethereum-like contract network developed by the IOTA foundation in Berlin. Defi and gaming programs can use it as a stable foundation.
According to Schiener, the Asian investment firms Signum Capital, LD Capita, UOB Venture Management, HyperChain Capital, and Huobi Ventures have backed multiple advances in the Assembly network. GSR, a cryptocurrency market maker, will donate $100 million.
Statements and emails from the associated investors, according to Reuters, prove their financial support. All of these companies contributed to the initial round of investment for the Assembly network, which totaled $18 million.
Assembly uses its own network, which sits above IOTA, to facilitate the creation of blockchain networks by third parties. Scheiner added that the blockchain network is safe and can function without any hiccups.
Furthermore, Schiener mentioned that the beta version of Assembly is already available for release. Almost 70% of the total token supply will be distributed to Assembly’s creators, developers, and contributors. Assembly iota defi 100mchavezdreyfussreuters