Huobi Ventures, LD Capital, HashKey Capital, Signum Capital, HyperChain Capital and others commit to accelerating the ecosystem development of Assembly
To accelerate the growth of the Assembly ecosystem ahead of the mainnet launch in 2022, early contributors have committed more than $100 million in funding support to early-stage projects building the next wave of DeFi, NFTs, P2E Games and other decentralized applications on Assembly.
Well-established and influential crypto funds and ecosystem players such as LD Capital, Signum Capital, Huobi Ventures, HashKey Capital, UOB Venture Management, GSR, HyperChain Capital and Du Capital, in addition to several private investors in the crypto ecosystem, already contributed to Assembly $18 million at an earlier stage.
Led by LD Capital and Huobi Ventures, the funding support is a strong vote of confidence in Assembly’s potential to become one of the largest crypto ecosystems. The funding aims at enabling exciting opportunities for builders to tap into the yet unrealized potential of a newly emerging L1 smart contract ecosystem.
According to Jack Yi, Founding Partner of LD Capital: “We are 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 of 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.”
“Assembly marks yet another milestone for blockchain interoperability on IOTA infrastructure. Huobi is delighted to back Assembly,” says Sistine Chen, Venture Partner at Huobi Ventures.
Scaling up the Assembly ecosystem development by enabling funding channels for developers and product teams within the Assembly ecosystem will open up new worlds for DeFi, NFTs, and play-to-earn crypto games built on a feeless, scalable multi-chain network.
Projects interested in building Web 3.0 applications that want to contribute to the growth and adoption of the Assembly ecosystem can already start deploying and launching their smart contracts on the public IOTA Smart Contracts Beta network.
The Assembly ecosystem funding aims at empowering builders to create and shape interoperable decentralized token economies on a feeless, multi-chain network. Projects and builders can already apply for funds and support here.
The ecosystem funding comes in addition to 70% of the entire token supply being reserved for developer incentives, community-governed DAOs and grant programs as well as staking rewards for IOTA.
Stelian Balta, Founder of HyperChain Capital says: "We have been active in crypto since 2013. Since then we have seen many blockchain technologies emerge. To bring the next billion users on board, what we always needed in the crypto ecosystem was a feeless, highly scalable network for developers to build highly scalable apps. Assembly does that. The IOTA team created the first DAG in 2015. They are pioneers in the crypto ecosystem and we are confident in their experience and their vision for the next decade."
Rae Deng, Partner at Signum Capital, says: "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.".
"We're excited to be working with Assembly as they continue to expand access to smart contracts," said CJ Fong, Director of Business Development, GSR. "Their commitment to developers and product teams around the world is crucial as more people look to get involved in the ecosystem."
Assembly is a scalable multi-chain network for sharded, composable smart contracts. Anyone can launch their own smart contract chains with the flexibility to customize fee and incentive structures. The chains are overseen by permissionless and decentral dynamic validator committees of nodes that execute and validate smart contracts; these validators are assigned to their chains by a root chain through a marketplace, and the validators are rewarded with the network’s native token, ASMB.
Assembly delivers flexibility, scalability, and interoperability, and is a smart contract network for mainstream innovation and mass adoption. It does so by offering inexpensive, fast and secure smart contracts, trustless and feeless smart contract interoperability, full customization and composability of dApps, compatibility with Ethereum virtual machine and other benefits.
Huobi Ventures, a wholly-owned subsidiary of Huobi Group, is focused on growing its venture investment portfolio and supporting blockchain projects through long-term investment strategies. Under the M&A unit, Huobi Ventures aims to identify strategic opportunities across different blockchain verticals to complement and expand Huobi’s product offerings. Acquisitions will be integrated into Huobi’s growing suite of blockchain-enabled applications and services to expand the business into new markets.
LD Capital is a leading crypto trading and investment fund in primary and secondary markets, whose sub-funds include dedicated eco fund, FoF and hedge fund. LD Capital has successively discovered and invested in more than 400 companies since 2016.
Since 1992, UOB Venture Management Private Limited ("UOBVM"), a wholly-owned subsidiary of United Overseas Bank Limited ("UOB"), has been providing financing to privately-held companies in Southeast Asia and Greater China, through direct equity investment.
Signum Capital is a Singapore-based investment fund for distributed ledger technologies and crypto-assets. Signum Capital supports game-changing projects that advance the future of blockchain-enabled socioeconomic transformation.
#GSR Trading is a global leader in digital asset trading and market-making and specializes in providing liquidity, risk management strategies and structured products to sophisticated global investors in the digital assets industry. Their leadership team of veteran finance and technology executives from Goldman Sachs, Citadel, and Two Sigma, among others, has created one of the world’s fastest, most robust, and transparent digital asset trading systems.
Hyperchain Capital is a digital assets management company focused on blockchain-based projects and decentralized protocols and acts as an early participant and consultant to Blockchain protocol projects and organizations that support innovative technologies.
Du Capital is a Singapore-based multi-stage investment firm backing companies and entrepreneurs that venture into innovative technologies such as distributed ledger technology (DLT) and has funded a number of DLT projects, to which Du Capital has become a valuable strategic partner, leveraging their insights, industry resources, and global network.