Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

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.

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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.