Asian VC Firms Invest $100 million in new Blockchain Network

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Several Asian investment firms have recently committed $100 million to develop the Assembly Network, a network built on top of IOTA.

The Assembly Network is described as the “network of networks” as it allows everyone to create their own blockchain network. IOTA co-founder Dominik Schiener confirmed the news of the investment from the leading Asian VCs, stating that the investment will be used to further develop applications on the new blockchain called Assembly within the IOTA network. He also pointed out that the Assembly will focus on a number of important areas, including decentralized finance (DeFI), non-fungible tokens (NFTs), and cryptocurrency games.

Among the identified Asian investment firms involved in the financing are LD Capital, Signum Capital, Huobi Ventures, UOB Venture Management, HyperChain Capital, Du Capital and cryptomarket maker GSR. Schiener confirmed that the trial version of Assembly is already in operation and will be launched with its own token next year. Early contributors to the platform, including developers, creators and others, will receive a reward of almost 70% of the token offering.

For more information, read the original story in Reuters.

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