- IOTA continues its strategic expansion through the UAE’s first DLT Foundation.
- The IOTA Foundation will allocate $100 million to this initiative.
- After this news came out, IOTA price rose 50% at the time of writing.
IOTA’s strategic expansion has reached another milestone with the registration of the first DLT Foundation in the United Arab Emirates (UAE).
The IOTA Foundation first announced its plans last September, highlighting its registration with Abu Dhabi Global as a step to support IOTA’s expansion in the Middle East and North Africa (MENA) region. This news comes as the price of IOTA surges more than 50%, rising above $0.26.
The IOTA Foundation allocates $100 million to the initiative.
As of today presentation, an investment of over $100 million has been allocated to the DLT Foundation, with the funding being made in IOTA tokens. These mandates will be granted over the next four years as the Foundation works to foster innovation and adoption of the IOTA protocol.
The IOTA Foundation said the funds will also be used for community-driven projects and regulatory synergies. Among the plans that will receive greater attention are those targeting IOTA and IOTA’s staging network, Shimmer.
Dominik Schiener, co-founder of IOTA, spoke about what it means for IOTA to work in line with regulatory developments:
“ADGM’s support of the IOTA Foundation and partnership with the UAE authorities goes beyond global expansion. This opens a new era of regulatory synergy in the cryptocurrency market. We want to take the right steps towards digital autonomy for everyone. This means ensuring that diverse communities play an active role in shaping the foundation’s technology and governance.”
The partnership between IOTA and ADGM comes as the UAE becomes an increasingly important international cryptocurrency destination. As a leading financial centre, the country has attracted several blockchain and cryptocurrency-related companies.
Today, stablecoin issuer Paxos announced that it has received two in-principle approvals from the Financial Services Regulatory Authority (FSRA). The company will now issue stablecoins and provide brokerage and custody services on ADGM.