The IoTeX ecosystem has secured $50 million in funding from institutions including Amber Group

ChainCatcher news, according to Coindesk, the Ethereum-compatible blockchain IoTeX ecosystem optimized for DePIN has secured $50 million in funding. This round of financing was participated in by Borderless Capital, Amber Group, Foresight Ventures, FutureMoney Group, SNZ, Metrics Ventures, EV3, and Waterdrip Capital.

The IoTeX team stated that this investment will drive the growth and ecosystem adoption of DePIN by investing in long-term staked IOTX (the DePIN token that manages and promotes IoTeX DePIN) and will invest in IoTeX-based DePIN projects alongside the IoTeX Foundation and the DePINsurf accelerator fund.