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 Founding CEO Joe Seunghyun Cho (L) and Wilfried Pimenta de Miranda, Business Development Director at IOTA Foundation
Marvelstone Group-owned fintech hub Lattice80 has partnered with Germany’s IOTA Foundation, which aims to support the development and standardisation of new distributed ledger technologies (DLT), to open an innovation lab in Singapore.
The goal of the innovation lab will be to explore mutual interests between ecosystems and run joint initiatives on DLT, Internet of Things (IoT), and cryptocurrency. The two organisations will run independent and joint activities to demonstrate their strengths and capabilities to the community through meet-ups, demo days, and IOTA lab sessions.
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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.”
The innovation lab will streamline access 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.
Dominik Schiener, Co-founder, Chairman of the IOTA Foundation, said: “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.”
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IOTA Foundation is a not-for-profit foundation, which has developed IOTA Tangle, an innovative type of DLT specifically designed for the IoT environment. It is an open-source protocol facilitating novel machine-to-machine 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.
Headquartered in Singapore, Lattice80 aims to create an ecosystem for fintech startups, corporates/financial institutions, governments, and the public to collaborate, learn, and co-create. The mission of the hub is to help all its stakeholders connect globally. Lattice80 believes in the importance of blockchain and IoT to improve lives, and is a new stakeholder in the blockchain/cryptocurrency space. It recently announced plans to conduct an initial coin offering (ICO) in 2018.
Lattice80 recently announced its plans to relocate to a new location in the city’s central business district (CBD). A few days ago, e27 reported that the relocation and the subsequent rebranding of 80 Robinson Road (wherein Lattice80 previously occupied two floors) to 80RR may have been the result of a major fallout between Marvelstone Group and Hong Leong Group, the Malaysian conglomerate who owns the building.
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