IoMob, a forerunner in decentralized urban mobility and pioneering blockchain fund BlockAsset have reached agreement on an undisclosed six-figure investment to assist IoMob’s efforts to develop its open technology stack and forthcoming roll-out of prototypes in smart cities around the globe. Boyd Cohen, the CEO and co-founder of IoMob commented on this important investment:
“The IoMob team are honored to have BlockAsset, a pioneering fund for investing in promising blockchain startups that aim to change the world through the technology, be our first, lead investor as we prepare for our initial coin offering (ICO). It’s been our goal to have Block Asset on board from the beginning because we have shared values and global aspirations. The team at BlockAsset, led by David Lee, is phenomenal to work with and we are looking forward to a long-term partnership with them.”
The shared urban mobility marketplace is heating up with new entrants such as electric scooter sharing, public and private bike sharing services and even experiments with autonomous vehicles and buses. IoMob’s Internet of Mobility (IoM) Protocol combined with blockchain technology aims to provide a more powerful alternative to current innovations such as Mobility as a Service (MaaS) model, which may use only an IoM protocol. Instead of setting up their own pricey systems of operation, urban mobility services can get operational faster using IoMob’s open source, secure blockchain-based system for business essentials like handling payments, customer registration and reputation management, and focus their efforts on building their brand and customer base.
According to Goldman Sachs, the global mobility marketplace is currently valued at $7 trillion (USD), while McKinsey estimates the shared mobility marketplace will continue to grow at a rate of 20% per year through 2030. The development of an open ecosystem of urban mobility operators that share access to infrastructure and client bases supports customer retention as a range of public and private mobility services sharing the same platform has the capacity to ensure customer needs are met.
Accompanying the investment, Bo Shen, General Partner of Fenbushi Capital and David Lee, Managing Partner of BlockAsset and Blockchain Professor at the Singapore University of Social Sciences have agreed to join IoMob’s global advisory board.
Mr. Lee stated: “We are excited about our latest investment on IoMob. Mobility can immensely benefit from decentralization; it is yet another area where blockchain technology can make a positive impact at a global scale by challenging incumbent monopolistic actors. IoMob’s vision for mobility is aligned with the values of decentralization, democratization and inclusivity, but at the same time, it is eminently practical. Moreover, they have a phenomenal team. We at BlockAsset expect great things from this gem of a project.”
IoMob is a blockchain-powered Internet of Mobility startup with its founders based in Barcelona and current incorporation in Estonia. IoMob is also co-founder of the Blockchain Cities Alliance, an initiative to promote the adoption of blockchain technologies in smart cities.
Block Asset is an investment company which leverages its years of experience in the digital asset space and strong industry relationships to co-invest in a portfolio of prominent digital assets.