IOTA and Shimmer received a boost on Tuesday when SwissOne Capital unveiled the first ecosystem fund to support developers. The fund, which is dedicated to IOTA and Shimmer will invest financial resources to developers working on the ecosystem.
The minimum investment the fund will offer will be 10,000 euros or the equivalent in $MIOTA and $SMR. In a statement, Steffen Bassler, the CEO of SwissOne Capital said:
“We are excited to launch this fund and offer our clients early access to projects building within the Shimmer and IOTA ecosystem. With ShimmerEVM rolling out, we believe this is the perfect time to launch a dedicated fund. We are committed to working with the Tangle Ecosystem Association to ensure that the fund is managed in the best interests of our clients.”
IOTA is one of the pioneers in distributed ledger technology (DLT). It pioneered a technology known as tangle, which is an open, feeless and scalable ledger, which is designed to support frictionless data and value transfer.
Shimmer, on the other hand, is a layer 1 network that provides staging and validation for the IOTA DLT. Like Polkadot’s Kusama, Shimmer makes it possible for developers to build dApps and then test them before moving them to IOTA’s ecosystem. SMR, its native token has over $71 million in market cap and over 249,150 total active addresses.
Shimmer is currently testing its EVM capabilities, as we wrote here. Ethereum Virtual Machine is a piece of software that is able to handle Ethereum smart contracts. It is one of the most popular approaches of improving a network’s interoperability. In a note, the founder of IOTA said:
“With the introduction of EVM-compatible smart contracts, Shimmer and IOTA kick off a new era of growth fueled by crypto-native use cases, primarily in DeFi, NFTs, gaming, and more. We are thrilled to see SwissOne Capital’s commitment to investing in projects across the ecosystem and to see SISO grow alongside the community.”