Crypto News

IoTeX Secures $50M Investment to Expand PIN Narrative for Next Cycle

[ad_1]

Decentralized physical infrastructure network (DePIN) platform IoTeX has secured a $50 million investment from a consortium of venture capital firms to accelerate the growth and adoption of its ecosystem.

According to information shared with CryptoSlateThe investment round was led by SNZ Capital, Foresight Ventures, FutureMoneyGroup, Borderless Capital and others, with funds allocated to long-term staked IOTX, the native token of the IoTeX network, as well as investments in DePIN projects relying on the platform.

The IoTeX platform aims to connect smart devices and real-world data to blockchains, enabling developers to integrate Web3 technology into everyday life. With its EVM-enabled L1 blockchain, off-chain compute middleware, and open hardware, IoTeX facilitates interaction between billions of smart devices, machines, sensors, and dApps in the physical and digital world.

The IoTeX ecosystem has been actively involved in the development and expansion of DePIN throughout 2024. In early 2024, FutureMoney Group, in partnership with the IoTeX Foundation, launched a $5 million DePIN accelerator program to support innovative startups in the field. Additionally, IoTeX has formed strategic alliances with organizations such as Ankr to strengthen the DePIN ecosystem and improve the performance and decentralization of decentralized networks.

Jing Sun, co-founder and head of investments at IoTeX, highlighted the potential for startups to innovate and bring verified, real-world data to the chain within the growing DePIN ecosystem. Sun said:

“As a modular infrastructure, IoTeX accelerates the growth of projects built with us. The investment from these leading venture capital firms will act as a catalyst for this industry sector, driving the growth of more projects in the IoTeX and DePIN ecosystem as a whole.

Keith Chen, founding partner of SNZ Capital, expressed his excitement about investing in IoTeX and DePIN projects building on its modular platform.

“IoTeX strives to propel the entire category through its technology stack and DePIN expertise, and we are excited to support the advancement of this industry sector as we anticipate extraordinary growth for the remainder of 2024 and into -of the.

Borderless Capital, known for being one of the most active DePIN investors, also participated in the funding round. Álvaro Gracia of Borderless Capital shared,

“We will work alongside IoTeX to support builders across all sectors, and we are excited to contribute to such a vibrant and rapidly growing community.”

With a focus on modular infrastructure, privacy and traffic routing solutions, IoTeX has positioned itself as a key player in the continued evolution of DePIN. The platform’s commitment to making life easier for app creators by providing ready-to-use infrastructure solutions and supporting go-to-market strategies, liquidity building, and community building has attracted developers and fostered innovation within the DePIN space.

The DePIN space is worth nearly $10 billion, with major protocols such as VeChain, Fetch.ai, Jasmy, IOTA, and Helium leading the space in terms of market capitalization. Over the past 24 hours, the sector is up 2.8% with $1 billion in volume.

🏡 Top IoT Crypto Assets

See everything

Published in: DePIN, Technology

[ad_2]

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button