Fenbushi Capital and the VeChain Foundation have been named as new investors in the MXC Foundation. Other backers of the breakthrough cryptocurrency include BlockAsset Venture, Longhash and Node Capital. MXC promotes LPWAN technology powered by the MXProtocol.
The investors will help to promote a worldwide shared IoT economy where individuals and companies can profit from MXC.
Hu Xin, CEO of the MXC Foundation, said: “MXC pursues a clear goal. We wish to both simplify and increase IoT data transactions utilizing the Low Power Wide Area Network (LPWAN). With the support of strong investors, we are more confident than ever in our work to develop and drive the shared economy which will be at the heart of smart cities.”
Fenbushi Capital is the first Chinese venture capital firm to exclusively invest in blockchain-enabled companies. Its goal is to accelerate the future of blockchain economy. Fenshubi wants to support as many organizations as possible. Its experience in the blockchain space is expected to play an important role in bringing more transparency, efficiency, and robustness into the global economy.
“MXC’s unique offering will change the way IoT data is monetized, enabling distributed commerce both for companies and for individuals” – Bo Shen, Fenbushi Capital
Bo Shen, General Partner of Fenbushi Capital , said: “The shared economy is the future of social and economic development and will underpin significant growth for organizations worldwide. MXC’s unique offering will change the way IoT data is monetized, enabling distributed commerce both for companies and for individuals.”
The VeChain Foundation is the world’s leading public blockchain platform. It offers Blockchain-as-a-Service to enterprises. By leveraging on blockchain technology, the Foundation aims at optimizing and adding value to the scope and development of their VeChainThor platform. To create a platform with holistic capabilities, the VeChain Foundation’s approach is to include the world’s best service providers, reputable enterprises and global experts into their platform’s ecosystem to ensure the integration of as much business activities as possible.
Sunny Lu, CEO of the VeChain Foundation, said: “At its heart, MXC is a data trade network that leverages the sharing economy to form very wide, efficient networks where sensitive data is not shared randomly, an issue so many other solutions do not address. Great transparency and immutability the combination of IoT and blockchain technology can provide, we believe, is the solution to tackle problems such as data manipulation.”
“At its heart, MXC is a data trade network that leverages the sharing economy to form very wide, efficient networks where sensitive data is not shared randomly, an issue so many other solutions do not address” – Sunny Lu, VeChain Foundation
BlockAsset Ventures is an Asian blockchain technology fund that invests in promising blockchain start-ups. Longhash is a platform for accelerating the development and understanding of blockchain technology. Its platform offers independent data analysis and media commentary, as well as a full range of support for blockchain start-ups. Node Capital is led by Du Jun, the founder and former CEO of Huobi. It is the digital currency trading platform and exchange. Node Capital specializes in Blockchain layout.
MXC combines the LPWAN and the Machine eXchange Protocol (MXProtocol). This is then combined with the Machine eXchange Coin which supports the user with streamlined data transactions and data flow monetization. Individual users and enterprises can construct a decentralized and secure LPWAN simply by connecting a device to the online network. This enables any device connected to IoT to connect. IoT devices are then monetized through an LPWAN.