[IoTeX secures $50 million in investment, expanding DePIN narrative for next cycle]
Decentralized Physical Infrastructure Network (DePIN) platform IoTeX announced that it has successfully received a US$50 million investment from a consortium of venture capital firms to drive ecosystem growth and adoption. This financing was led by SNZ Capital, Foresight Ventures, FutureMoneyGroup, Borderless Capital, etc. The investment will be used for long-term pledge of the IoTeX network native token IOTX and support platform DePIN projects.
IoTeX is committed to connecting smart devices and blockchain, allowing developers to integrate Web3 technology into daily life. Facilitates the interaction of smart devices with the digital world through technologies such as its EVM-compatible Layer1 blockchain.
In early 2024, FutureMoney Group and the IoTeX Foundation launched the $5 million DePIN accelerator program to support innovative startups. IoTeX strengthens the DePIN ecosystem by forming strategic alliances with organizations like Ankr.
Jing Sun, co-founder of IoTeX, pointed out that this investment will accelerate the growth of cooperation projects with IoTeX and promote more innovations in real-world data on-chain.
Keith Chen of investor SNZ Capital said he is excited to support the industry advancements driven by IoTeX and its DePIN expertise. Álvaro Gracia of Borderless Capital also expressed enthusiasm for supporting IoTeX, pledging to support builders in various fields.
IoTeX plays a key role in the evolution of DePIN with its modular infrastructure, privacy protection and traffic routing solutions. It is committed to simplifying the construction process for application developers and promoting community development by providing infrastructure solutions and support strategies.
