IOTA announced that it has established a $100 million foundation to accelerate the growth of distributed ledger technology (DLT) in the Middle East.
According to the statement made today in Abu Dhabi by Dominik Schiener, one of the founders of IOTA, the investment It will be funded with IOTA tokens.
The IOTA Ecosystem DLT Foundation has approved such transactions by the regulators of the Abu Dhabi Global Market (ADGM), the financial center of the United Arab Emirates. first blockchain focused organization happened.
“Right now the market is reshaping, so we have a great opportunity to position ourselves by focusing on institutions, offering them to work on-chain because it is now more possible to do this in the UAE,” Schiener said in a phone interview.
Schiener said the foundation will invest more than $100 million over the next four years. IOTA token He said he would support it.
According to TradingView data, IOTA, Today it gained 15% to $0.2023.
IOTA will also begin “tokenization” processes, which enable things such as precious metals and buildings to be digitally represented on the blockchain.
Hamad Sayah Al Mazrouei, ADGM’s chief regulatory officer, said that by hosting IOTA in Abu Dhabi, the country aims to position itself “as the leading jurisdiction for the blockchain industry.”