IoTeX confirms the launch of $100M fund to back 1,000 DeFi startups

As per a recent report, IoTeX, a firm that focuses on the development of the Internet of Things or IoT has confirmed the launch of a $100 million fund that aims to bring the best out of decentralized economy startups. The fund will cover as much as 1,000 of these startups and aims to develop “use cases for connecting more than 10 million smart devices to the MachineFi portal within the next three years,” as per the report. 

IoTeX developing an economy in which machines will dominate

As per the report, IoTeX will be working on an idea that hasn’t been touched by the decentralized world before. It will be focusing on creating an economy where machines and not people, will be the dominant force behind the growth of this economy. This new economy combines two of the biggest technological concepts, i.e., blockchain and artificial intelligence or simply AI. 

The goal of IoTeX is to create a more efficient, secure, and sustainable way to execute business with a new concept called MachineFi. Just like the integration of DeFi in Gaming brings GameFi, which attracted funding from Solana Ventures recently, the financialization of machines brings MachineFi. 

MachineFi to take part in Web3?

As explained by the report, the task of MachineFi is simply to take all the profits generated by the financialization of a platform among the community members. This is what the entire Web3 concept is all about. Thus, it can be said that IoTeX is bringing a novel approach to user ownership. 

In the next 20-30 years, the IoTeX platform targets around 10,000 businesses that will be following the MachineFi model of functioning. Moreover, head of investment and ecosystem Jing Sun believes that soon the platform will be connecting billions of devices to the MachineFi portal of IoTeX. On the other hand, it is important to note that the founder of the platform asked users to HODL their crypto amidst the Ukraine-Russia war.