The Internet of Things-focused cryptocurrency project’s underlying asset surged 31% this week following the launch of a new $100 million ecosystem foundation.
IOTA is a distributed ledger technology (DLT) that aims to serve as the backbone of the Internet of Things.
The project’s native token is trading around $0.236 at the time of this writing, up from $0.180 a week ago. The 78th-largest cryptocurrency asset by market capitalization has also risen nearly 45% over the past month.
The token price surged on Wednesday following the project. presentation The launch of the new IOTA ecosystem DLT Foundation, registered on the Abu Dhabi Global Market in the United Arab Emirates.
IOTA said the foundation will seed more than $100 million in IOTA tokens that will vest over the next four years.
“These funds have been earmarked to foster the IOTA ecosystem and accelerate the growth of the IOTA protocol. IOTA Ecosystem In line with its community-centric ethos, the DLT Foundation will foster valuable partnerships in the region to drive adoption of IOTA and its staging network, Shimmer, across a variety of sectors. This includes working with institutional investors, governments and academic institutions to tokenize real-world assets and bring them on-chain, bringing billions of dollars to the virtual asset space in the UAE.”
IOTA too Called It is scheduled to be fully compatible with the Ethereum (ETH) virtual machine (EVM) in the first quarter of next year.
“With its new headquarters in the UAE, IOTA will evolve from an enterprise DLT network to a competitive layer 1 blockchain for web3 and cryptocurrency. In Q1, IOTA will be fully EVM compatible, opening the door to a thriving DeFi, gaming, and DApp ecosystem.”
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