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HomeCryptocurrencyProminent Crypto Funds Commit $100 Million to Accelerate IOTA’s Assembly ecosystem

Prominent Crypto Funds Commit $100 Million to Accelerate IOTA’s Assembly ecosystem

It’s worthy of note that IOTA’s Assembly ecosystem has been experiencing sustained growth since its launch.

A number of prominent crypto funds, including LD Capital, Huobi Ventures, UOB Singapore, and Signum Capital, are declaring their support of the brand new scalable network for smart contracts with a $100 million grant.

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The project previously attracted $18 million in seed round funding from established crypto funds and private individuals. While that seed round was intended primarily to foster technological development, this $100 million commitment will support builders and teams eager to capitalize on the opportunities offered by Assembly. Project teams are invited to apply for grants from the $100 million fund.

This underscores the community-minded principles of IOTA and Assembly. As part of the rollout of the Assembly ecosystem, IOTA announced that 70% of the entire token supply would be reserved for developer incentives, community-governed DAOs, and grant programs. Beyond that, token allocation and open distribution will be governed directly by the community.

Few crypto projects are enabling their developer communities to take the reins the way Assembly does. This commitment represents not only a major vote of confidence in the ecosystem itself but in the Assembly’s ongoing commitment to and investment in its community.

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Reacting to the new development, Jack Yi Founding Partner of LD Capital, said:

“We are very proud to be one the earliest contributors of Assembly. We have no doubt that Assembly will become the best option for Web3 developers to build their DAPPs and provide frictionless service to billions Web3 adopters given its high degree of flexibility, scalability and interoperability. We are fully committed to working closely with the team to unleash the full potential of Assembly and start a new era.”

Sistine Chen, Venture Partner at Huobi Ventures, also said:

“Assembly marks yet another milestone for blockchain interoperability upon IOTA infrastructure. Huobi is delighted to back Assembly.”

Read Also: First Non-Fungible Token Has Been Minted on the IOTA NFT Marketplace

Rae Deng, Partner at Signum Capital, also showcased his excitement in relation to the new development:

“Back in 2015, the IOTA team already foresaw the many problems plaguing our industry today, such as scalability and transaction cost. IOTA’s ledger structure has always been the answer to those problems and that answer is now revealed by Assembly, an advanced smart contract platform that is highly nimble and robust.

I’ve known Dominik and the team for many years, and I’m still impressed by their innovativeness and resilience. We believe that the team will lay a solid foundation for the crypto industry and that Assembly+IOTA will accelerate the arrival of Web 3.0.”

Read Also: IOTA Foundation Partners With Trademark East Africa to Provide Solution to Paperwork Challenges

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A couple of days ago, IOTA announced the launch of Assembly, a new decentralized layer-1 network for smart contracts with a native ASMB token and with the possibility of zero fees, sharding, and support for multiple virtual machines.

The open network is expected to be fully controlled and governed by its community, while the Assembly token is created to provide the economic fuel of the decentralized network’s security, governance, and reward participation.


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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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