The IOTA Foundation and Tenity, a Singapore-based innovation hub, have announced the six finalists of the IOTA Tenity RWA Accelerator Program. This initiative aims to cultivate groundbreaking projects within the IOTA EVM (Ethereum Virtual Machine) ecosystem, focusing on Real-World Asset (RWA) tokenization, Digital Product Passports, and Digital Identity solutions.
A Catalyst for Web3 Adoption
Launched in June 2024, the program attracted a pool of promising startups. After a rigorous selection process, six finalists emerged, each with the potential to revolutionize the way traditional assets interact with the Web3 world. This collaboration between IOTA and Tenity fosters innovation on the IOTA EVM platform, paving the way for wider Web3 adoption.
The Finalists and their Solutions
- Qiro Finance: This project establishes an on-chain private credit marketplace. It connects fintech asset originators with on-chain investors, facilitating fixed-income opportunities. Qiro aims to provide cost-effective financing for asset originators while offering high yields to investors through robust credit underwriting practices. They contribute to the IOTA EVM by introducing institutional-grade RWA investment options directly on the blockchain.
- InvoiceMate: Recognized as a rising star in the financial technology space, InvoiceMate transforms traditional invoices into tokenized RWAs. This decentralized invoice financing infrastructure enables businesses to leverage their invoices for on-chain private credit. Stakeholders in trade logistics, supply chains, and small and medium-sized enterprises (SMEs) benefit from this solution, gaining access to financing while retail investors earn attractive yields. InvoiceMate boasts a proven track record, having already tokenized over $223 million in invoice value, and brings stablecoin investment opportunities to the IOTA EVM ecosystem.
- The Real Lifestyle: This project tackles challenges in the housing market by addressing affordability and accessibility issues. They offer solutions for simplified homeownership and rentals, while democratizing property investment opportunities on a global scale. The Real Lifestyle achieves this by tokenizing real estate portfolios and providing revenue-generating products. This approach increases on-chain activity and Total Value Locked (TVL) within the IOTA EVM due to asset token staking and transactions.
- BlackFrog: With the growing demand for critical minerals like copper and cobalt for the renewable energy sector, BlackFrog steps in to bridge the financing gap. This IotaOrigin project empowers small-scale miners by offering pre-financing through loans, bonds, and commodity-backed stablecoins. Their RWA launchpad creates opportunities for retail investors to participate in the critical minerals market by tokenizing these assets and generating interest on their holdings. BlackFrog possesses a first-mover advantage in financing small-scale miners, while the IOTA EVM gains from the introduction of tradable yield-bearing stablecoins backed by real-world commodities.
- Orobo: This project focuses on creating the digital backbone for a circular economy. Their solutions encompass RWA tokenization, sustainability reporting, carbon credit management, digital twins, and compliance tools. Notably, they provide Digital Product Passports for the built environment. Producers, managers, and owners of real estate assets can leverage Orobo’s platform to validate, verify, and valorize their products and materials. Orobo leverages IOTA EVM to automate data collection and structuring from operations and supply chains.
- Auvo Digital: With their no-code organization identity management platform, AuvoID strives to make complex identity and verifiable data solutions accessible to all businesses. Partnering with renowned organizations like UNESCO and DIDAS, they address occupational and certification fraud, a multi-trillion-dollar problem. AuvoID simplifies compliance and verifiable credential management, allowing businesses to streamline onboarding processes, reduce administrative burdens, and maintain compliance at lower costs. They utilize the speed and cost-effectiveness of IOTA Identity and IOTA EVM to provide KYC/AML solutions and scalable account-bound wallet verification.
Demo Day and the Future of IOTA EVM
These six finalists will showcase their projects at a Demo Day in Singapore on September 17th, 2024, held just before the Token2049 conference. This event presents an opportunity for them to connect with venture capital firms and the wider Web3 community.
Dominik Schiener, Co-Founder and Chair of the IOTA Foundation, expressed his enthusiasm: “We are thrilled to witness the launch of the IOTA Tenity RWA Accelerator Program. This initiative marks a significant milestone for the IOTA EVM, providing a robust platform for innovative projects to flourish.” He emphasizes the transformative potential of these startups, focusing on asset tokenization and wider adoption of the technology. By fostering the growth of RWA tokenization, the program ensures that IOTA EVM users benefit from cutting-edge solutions that bridge the gap between traditional industries