IOTA Announces $100 Million DLT Ecosystem Foundation in UAE
IOTA Continues Strategic Expansion with First DLT Foundation in UAE
The IOTA Foundation will allocate $100 million to this initiative. The price of IOTA has been increasing since the news, it is up 50% at the time of writing.
The registration of the first DLT Foundation in the United Arab Emirates (UAE) marks another milestone in IOTA's strategic expansion.
The IOTA Foundation first announced the foundation's plans in September, registering with Abu Dhabi Global as a step to help IOTA expand in the Middle East and North Africa (MENA) region. The news comes as IOTA's price surged more than 50% to over $0.26.
The IOTA Foundation allocates 100 million dollars for the initiative
For today advertisementMore than $100 million has been invested in the DLT Foundation, funded by IOTA tokens. These will be issued over the next four years as the Foundation seeks to foster innovation and adoption of the IOTA protocol.
The funding will be used for community-driven projects and regulatory collaborations, according to the IOTA Foundation. Among the startups that are getting the most attention are IOTA and Shimmer, which is targeting a decentralized network.
What this means for IOTA's push to keep pace with regulatory developments, according to IOTA co-founder Dominic Shiner:
“The IOTA Foundation's partnership with the ADGM and the UAE authorities is about more than international expansion. It is ushering in a new era of regulatory consolidation in crypto markets. We want to ensure that the right steps are taken towards digital autonomy for everyone, and that means ensuring that diverse communities play an active role in shaping the foundation's technology and governance.
IOTA's partnership with ADGM comes as the UAE is becoming an increasingly important global crypto destination. As a leading financial center, the country has attracted many blockchain and crypto-related companies.
Today, stablecoin issuer Paxos announced that it has received two in-principle approvals from the Financial Services Regulatory Authority (FSRA). The company is set to issue a stable coin in ADGM and provide brokerage and custody services.
