Blockchain Lab Created By FinTech Hub Lattice80, IOTA Foundation

Announcements, Blockchain, FinTech | November 29, 2017 By:

Lattice80 and the IOTA Foundation have signed a memorandum of understanding (MOU) to set up an innovation lab in Singapore next year.

Lattice80, a Singapore based FinTech hub, aims to create an ecosystem for FinTech startups, corporates/financial institutions, governments, and the public to collaborate, learn, and co-create. The hub believes in the importance of blockchain and Internet of Things (IoT) to improve lives. The hub recently announced its plans to conduct an initial coin offering (ICO) in 2018.

IOTA Foundation, a not-for-profit foundation, is the creator of cryptocurrency IOTA and IOTA Tangle, an open-source distributed ledger focused on providing secure communications and payments between machines on the Internet of Things. Using directed acyclic graph (DAG) technology instead of the traditional blockchain, IOTA’s transactions are free regardless of the size of the transaction. The system claims to handle unlimited number of transactions simultaneously. The market capitalization of IOTA is over $3.2 billion, making it the 9th largest cryptocurrency in circulation.

Through the innovation lab, the two organizations will explore mutual interests between ecosystems and run joint initiatives on distributed ledger technologies (DLT), IoT, and cryptocurrency. The organizations will run independent and joint activities to demonstrate their strengths and capabilities to the community through meet-ups, demo days, and IOTA lab sessions. The startups and innovators in the Lattice80’s ecosystem will also be able to access the IOTA technology for developing and deploying solutions within the innovation lab.

“While we have been vocal in our interest in cryptocurrencies, we feel it’s time to commit to more serious future involvement in the broader blockchain and IoT ecosystem,” said Joe Seunghyun Cho, Founding CEO of Lattice80 and Chairman of Marvelstone Group. “IOTA is a global leader, advocate, and evangelist of these new technologies. We are happy to partner with IOTA to develop joint venture projects under a new innovation lab, and look forward to partnering with even more fintech startups as we grow internationally.”

“With the government’s proactive approach towards blockchain and DLT, we think that Singapore is a strategic market that enables us to engage with the local ecosystem and show the future of IOTA and IoT,” said Dominik Schiener, Co-founder, Chairman of the IOTA Foundation.