IOTA, one of the pioneering projects in the field of cryptocurrency, has strengthened its efforts to convert real-world assets into digital by establishing a foundation with a capital of $ 100 million in Abu Dhabi, the financial center of the United Arab Emirates. This project stands out as part of the effort to evaluate the opportunities brought by cryptocurrencies and blockchain technology in a broader context.
IOTA’s new foundation aims to expand the digital conversion of “real world assets”. The foundation is also expected to support the altcoin ecosystem and accelerate the growth of the protocol.
The project represents a strategic step to strengthen IOTA’s presence in the Middle East and North Africa (MENA) region and benefit from the crypto-friendly atmosphere in the region. As interest in cryptocurrencies increases in the MENA region, IOTA’s initiative in Abu Dhabi could play an important role in regional growth and adoption.
Another striking aspect of this important step is that it emphasizes close cooperation with regulatory institutions. IOTA aims to ensure the sustainable growth of the crypto asset world by actively collaborating with the regulatory and supervisory authorities in Abu Dhabi. This approach reflects an effort to establish a positive dialogue between crypto projects and regulators and increase trust in the industry.
Dominik Schiener from the IOTA Foundation explained that their work with ADGM and UAE authorities is not just about growth, but also about creating better rules for the crypto world.
The more than 37% increase in the altcoin price in the last 24 hours shows the positive impact that this important step of IOTA has on the cryptocurrency market. This increase may reflect the confidence of investors and the community in the future of IOTA and may increase further if the project is successfully implemented. This new initiative of IOTA in Abu Dhabi is noted as one of the important developments in the sector, at a time when cryptocurrencies and blockchain technology are playing an increasingly decisive role in the financial world.
UAE’s Crypto Adoption
Besides these, the United Arab Emirates is actively developing a crypto-friendly ecosystem, exemplified by several important developments. Beyond the recent approval of XRP by Dubai regulators, the UAE has witnessed a number of initiatives that demonstrate its commitment to supporting the growth of digital assets.
Examples include the DMCC Crypto Center, which is designed to develop crypto and blockchain businesses, and the Abu Dhabi Securities Exchange (ADX), which is exploring blockchain for asset swaps.
You can follow the current price movement here.