- Focus on IoT and DLT: Lab for collaboration on projects relating IoT and distributed ledger technology (DLT), two new technologies with potential to benefit lives in developed and emerging market.
- Innovation for Singapore: Government’s proactive approach towards DLT and IoT positions it as a strategic market for startups that want to engage with the broader region’s ecosystem.
- Multibillion $$$ markets: Research firm IDC predicts APAC’s IoT market opportunity will be worth US$583 billion by 2020. Meanwhile, the global blockchain market is expected to be worth US$20 billion by 2024.
SINGAPORE, Nov 28, 2017 — LATTICE80, the world’s largest fintech hub headquartered in Singapore, plans to open an innovation lab with the Germany-based IOTA Foundation, whose mission is to support the development and standardisation of new distributed ledger technologies and ecosystems. The two companies have signed a memorandum of understanding in November to cement their mutual commitments.
The goal of the innovation lab will be to explore mutual interests between ecosystems and run joint initiatives on distributed ledger technologies, IOT, and cryptocurrency. LATTICE80 and the IOTA Foundation will run independent and joint activities to demonstrate and communicate the strengths, unique capabilities, and potential of these technologies to the community through meetups, demo days, IOTA Lab sessions, and more.
Joe Seunghyun Cho, Founding CEO of LATTICE80 and Chairman of Marvelstone Group, said: “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. 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.”
Dominik Schiener, Co-founder, Chairman of the IOTA Foundation, said: “We’re excited to open up our first office together with LATTICE80 in the form of an innovation lab in Singapore. 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.”
The innovation lab will streamline access and support to the IOTA technology to LATTICE80’s ecosystem of startups and innovators, as well as catalysing the development of capabilities needed for developing and deploying solutions based on IOTA within LATTICE80’s ecosystem.
The areas of collaboration may encompass research and technical training activities, joint development of technical integrations between various protocols and IoT devices, testing of data exchange design parameters and business models, and other related activities.
LATTICE80 strongly believes in the importance of blockchain and the Internet of Things (IoT) to improve lives, and is a new stakeholder in the blockchain/cryptocurrency space. The company recently announced plans to conduct an initial coin offering (ICO) in 2018.
IOTA Tangle is an innovative type of DLT specifically designed for the Internet of Things (IoT) environment. It is an open-source protocol facilitating novel Machine-to-Machine (M2M) interactions, including secure data transfer, fee-less real-time micropayments, and the collection and dissemination of sensor-based and other types of ‘oracle’ and other data.