Assembly Blockchain Receives $100M Investment From VCs, Crypto Market-Maker: Report

The Assembly network will launch next year with its own token.

AccessTimeIconDec 10, 2021 at 7:54 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

A group of the largest Asia-based venture capital firms and crypto hedge funds are headlining a $100 million investment to further the development of the Assembly blockchain under the IOTA network, IOTA cofounder Dominik Schiener told Reuters in an interview.

  • Berlin-based research and engineering group IOTA Foundation launched Assembly last month to act as the anchor for DeFi, NFTs and gaming applications, according to the report.
  • The investors include LD Capital, Signum Capital, Huobi Ventures, UOB Venture Management, HyperChain Capital and Du Capital, according to Schiener. Crypto market-maker GSR is also participating in the investment, the report said.
  • Reuters said all the investors confirmed their involvement through emails and statements. The firms were part of a seed funding for Assembly earlier this year that raised $18M.
  • Schiener told Reuters that Assembly’s beta or test version is live, and will launch officially next year with its own token. Developers, creators and early Assembly contributors will receive rewards of close to 70% of the entire token supply, Reuters wrote.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

Trending

1
CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
2
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
3
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
4
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown