IoTeX secures $50M investment expanding dePIN narrative for next cycle
IoTeX secures $50M funding rising dePIN memoir for subsequent cycle IoTeX secures $50M funding rising dePIN memoir for subsequent cycle
IoTeX's $50M funding spherical spearheaded by predominant VCs to develop its DePIN ecosystem and foster true-world recordsdata integration on blockchain.
Cloak art/illustration through CryptoSlate. Image entails combined content material that would possibly well also unbiased embody AI-generated content material.
The decentralized Physical Infrastructure Network (DePIN) platform IoTeX, has secured a $50 million funding from a consortium of endeavor capital corporations to velocity up the yell and adoption of its ecosystem.
In step with knowledge shared with CryptoSlate, the funding spherical was as soon as led by SNZ Capital, Foresight Ventures, FutureMoneyGroup, With out boundaries Capital, and others, with the funds being allocated towards long-time duration staked IOTX, the native token of the IoTeX network, as well to investments in DePIN initiatives constructing on the platform.
The IoTeX platform aims to join perfect devices and true-world recordsdata to blockchains, enabling developers to combine Web3 technology into day to day lifestyles. With its EVM-cherish minded L1 blockchain, off-chain compute middleware and originate hardware, IoTeX facilitates the interaction between billions of perfect devices, machines, sensors, and dApps all the contrivance throughout the bodily and digital world.
The IoTeX ecosystem has been actively fervent in constructing and rising DePIN in the heart of 2024. In early 2024, FutureMoney Group, in partnership with the IoTeX Foundation, launched a $5 million DePIN accelerator program to toughen startups innovating in the attach. Furthermore, IoTeX has formed strategic alliances with organizations reminiscent of Ankr to bolster the DePIN ecosystem and presents a boost to the efficiency and decentralization of decentralized networks.
Jing Solar, Co-Founder and Head of Investment at IoTeX, emphasized the skill of startups to innovate and bring verified, true-world recordsdata on-chain inside of the rising DePIN ecosystem. Solar said,
“As a modular infrastructure, IoTeX like a flash-forwards the yell of initiatives constructing with us. The funding from these high VCs will act as a catalyst for this business sector, spurring the yell of more initiatives in the IoTeX ecosystem and DePIN as a complete.”
Keith Chen, Founding Accomplice of SNZ Capital, expressed excitement about investing in IoTeX and the DePIN initiatives constructing on its modular platform.
“IoTeX is working to propel your total category ahead through its tech stack and DePIN skills, and we're excited to toughen the advancement of this business sector as we await unprecedented yell throughout the the rest of 2024 and beyond.”
With out boundaries Capital, identified for being and not utilizing a doubt one of the necessary fascinating DePIN traders, furthermore participated in the funding spherical. Ãlvaro Gracia from With out boundaries Capital shared,
“We will work alongside IoTeX to toughen builders all the contrivance through every vertical, and we're excited to make contributions to this kind of active and all of a sudden rising community.”
With a highlight on modular infrastructure, privacy, and traffic-routing solutions, IoTeX has positioned itself as a key player in the ongoing evolution of DePIN. The platform’s dedication to simplifying the lives of application builders by providing off-the-shelf infrastructure solutions and toughen for shuffle-to-market methods, liquidity constructing, and community development has attracted developers and fostered innovation inside of the DePIN attach.
The DePIN attach is worth practically $10 billion, with predominant protocols reminiscent of VeChain, Secure.ai, Jasmy, IOTA, and Helium leading the attach in market cap. Over the final 24 hours the field is up 2.8% with $1 billion in volume.
ð¡ High IoT Crypto Assets
| # | Identify | Label | 24H % | 7D % | 30D % | Market Cap | 24H Vol | ATH | % ATH |
|---|---|---|---|---|---|---|---|---|---|
VET VeChain
|
$0.04051 | -1.82% | -7.01% | -12.17% | $2.95B | $67.99M | $9.55167 | -100% | |
FET Secure
|
$2.58446 | -4.63% | -14.fifty three% | +46.05% | $2.17B | $277.79M | $3.47064 | -26% | |
IOTA IOTA
|
$0.29713 | -1.23% | -13.62% | -15.37% | $953.9M | $21.56M | $5.69002 | -95% | |
JASMY JasmyCoin
|
$0.01867 | -3.04% | -12.14% | -10.35% | $920.51M | $77.03M | $0.32453 | -94% | |
HNT Helium
|
$5.44921 | -2.4% | -10.09% | -34.85% | $876.64M | $17.22M | $54.7195 | -90% | |
IOTX IoTeX
|
$0.07904 | +16.17% | +1.forty eight% | +33.1% | $746.23M | $125.89M | $0.29305 | -73% | |
IOST IOStoken
|
$0.01063 | -1.78% | -12.88% | -9.5% | $226.66M | $15.38M | $0.13650 | -92% | |
HONEY Hivemapper
|
$0.14052 | +9.1% | +0.68% | -34.84% | $153.66M | $2.27M | $0.24335 | -44% | |
QANX QANplatform
|
$0.07930 | -3.17% | -1.56% | +4.39% | $63.65M | $1.16M | $0.25089 | -100% | |
MXC Moonchain
|
$0.01803 | +2.65% | -12.47% | -3.12% | $47.64M | $497.32M | $0.13431 | -86% |
Provide: CryptoSlate IoT Crypto Sector Info
Liam 'Akiba' Wright
Furthermore identified as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the skill to perform fashionable obvious alternate.
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