The cryptocurrency market continues to show strength today. Leading crypto Bitcoin maintains its position above $38,000. Altcoins also continue their journey deeper into the green zone. Amid these developments, IOTA, one of the leading altcoin projects, made an important announcement. Following this, the token price jumped off the board.
IOTA announced that it was officially registered, the altcoin price skyrocketed!
Today IOTA announced that Abu Dhabi Global Market (ADGM) has been registered as the first foundation under the DLT Foundations Regulation. This landmark achievement positions IOTA at the forefront of digital and real-world convergence in the financial industry in the MENA (Middle East and North Africa) region and globally. This development quickly resonated with the market. Crypto news channel Wu Blockchain announced the important development for the altcoin project as follows:
IOTA announced that Abu Dhabi Global Market (ADGM) has been registered as the first Foundation under the DLT Foundations Regulation. IOTA positions itself as the leading L1 public blockchain in the Middle East. Equipped with a $100 million local ecosystem treasure, IOTA is about to begin building a thriving Web3 ecosystem and businesses focused on real-world assets (RWA) in the Middle East.
The altcoin price made a big jump following the news. While the token was traded at $0.1734 during the day, it suddenly jumped to $0.2322. At press time, IOTA was trading at $0.2322, up over 37% on a daily basis. Meanwhile, the token’s upward movement continues.
What are the details of official registration and cooperation?
The altcoin project published a detailed explanation text on its website. IOTA described this move as a step to move the regulatory environment forward and bridge the gap between the real world and the digital world. In this context, he stated that they look forward to working with ADGM officials. He underlined that ADGM has one of the most forward-thinking and sensitive regulatory frameworks. He also noted that this makes the collaboration an important step towards incorporating institutional investors and entities into the digital ecosystem. Going into the details of the cooperation, the altcoin project included the following statement:
The IOTA Ecosystem DLT Foundation will be seeded with over $100 million in IOTA tokens to be used over the next four years. This fund is allocated to fuel the IOTA ecosystem and accelerate the growth of the IOTA protocol. In line with its community-focused approach, the IOTA Ecosystem DLT Foundation will foster valuable partnerships in the region to advance the adoption of IOTA and its phasing network Shimmer across various sectors. This involves collaborating with institutional investors, governments and academic institutions to tokenize and bring real-world assets on-chain. Thus, it will bring billions of dollars to the UAE’s virtual assets space.
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