Ethereum-compatible blockchain IoTeX secures $50 million in funding

The Ethereum-compatible blockchain ecosystem IoTeX, which has been optimized for DePIN, has raised $50 million in funding. This round of funding was led by Borderless Capital, Amber Group, Foresight Ventures, FutureMoney Group, SNZ, Metrics Ventures, EV3, and Waterdrip Capital. The IoTeX team stated that this investment will be used to promote the growth and adoption of DePIN through long-term staking of IOTX (the DePIN token that manages and drives IoTeX DePIN), and to invest in DePIN projects based on IoTeX, together with the IoTeX Foundation and the DePINsurf accelerator fund.