- IOTA’s price soared by 43% following its registration of a new DLT foundation in Abu Dhabi.
- The IOTA Ecosystem DLT Foundation, backed by $100 million in tokens, aims to foster innovation and tokenize real-world assets.
IOTA’s Strategic Leap in the Middle East
In a move that has sent ripples through the cryptocurrency market, IOTA’s native token experienced a dramatic 43% surge. This spike came in the wake of the establishment of the IOTA Ecosystem DLT Foundation in Abu Dhabi, United Arab Emirates, marking a significant milestone in blockchain’s global integration.
🌟🚀 Exciting News! IOTA's price has skyrocketed by 50% as the #IOTA Ecosystem DLT Foundation becomes the first registered DLT foundation under ADGM in Abu Dhabi, UAE! 💰💼
This $100 million initiative will nurture the IOTA ecosystem, promote regulatory synergy, and tokenize… pic.twitter.com/i7rzvyj8X1
— Collin Brown (@CollinBrownXRP) November 29, 2023
Pioneering DLT Foundations in Abu Dhabi
The IOTA Ecosystem DLT Foundation proudly stands as the inaugural foundation registered under the DLT Foundations Regulations in Abu Dhabi. This strategic decision, facilitated by the city’s financial authority, Abu Dhabi Global Market (ADGM), is not merely a regulatory achievement but a bold step towards innovative blockchain applications.
With a substantial backing of $100 million in IOTA tokens, vested over four years, the foundation is poised to catalyze the IOTA ecosystem’s growth. This funding is earmarked to nurture the ecosystem, enhance regulatory cooperation, and pioneer the tokenization of real-world assets, potentially ushering billions into the virtual asset domain.
Following the announcement, IOTA’s valuation soared, with its price climbing to 25 cents from 17 cents, reaching its highest point since February. This surge reflects the market’s optimistic response to IOTA‘s ambitious plans for global expansion and its commitment to regulatory compliance and innovation.
Abu Dhabi’s Emerging Crypto-Friendly Ecosystem
Abu Dhabi has been making significant strides in establishing itself as a favorable destination for crypto and blockchain enterprises. This year, the emirate announced a massive $2 billion investment in Web3 and blockchain startups, aiming to position its economic free zone as a global hub for digital innovation.
The approval of IOTA’s foundation in Abu Dhabi, alongside other recent approvals for crypto-related firms, underlines the emirate’s dedication to fostering a dynamic and regulated blockchain environment. This development resonates with ADGM’s vision of shaping a future that sets global benchmarks in the blockchain and Web3 sectors.
The establishment of the IOTA Ecosystem DLT Foundation in Abu Dhabi is a landmark event in the world of blockchain and digital currencies. This initiative, supported by significant funding and a conducive regulatory environment, signals a new era of growth and innovation for IOTA and the broader blockchain community.