IOTA announces $100 million Ecosystem DLT Foundation in the UAE

2:01 am
November 30, 2023

# IOTA Announces $100 Million DLT Foundation in the UAE

Summary: The IOTA Foundation has established the first DLT foundation in the United Arab Emirates and will allocate $100 million to this initiative. This strategic expansion aims to foster innovation and adoption of the IOTA protocol, with an emphasis on community-driven projects and regulatory synergy. The foundation’s formation signals a new era of regulatory cooperation in the cryptocurrency market and aligns with the UAE’s growing status as a significant international crypto destination.

IOTA has achieved a significant milestone in its strategic expansion with the establishment of the first Distributed Ledger Technology (DLT) foundation in the United Arab Emirates (UAE). The IOTA Foundation has earmarked $100 million for this initiative, signaling its commitment to fostering innovation and adoption of the IOTA protocol.

This news comes after IOTA’s price surged by over 50% to above $0.26 in response to the foundation’s registration with the Abu Dhabi Global Market (ADGM), which is seen as a critical step in advancing IOTA’s presence in the Middle East and North Africa (MENA) region. The foundation’s plans for the DLT foundation were initially announced in September.

The $100 million investment for the DLT Foundation will be distributed in IOTA tokens over the next four years, with a focus on nurturing innovation and adoption of the IOTA protocol, as well as supporting community-driven projects and regulatory synergy. Projects related to IOTA and Shimmer, its staging network, will receive significant attention and funding.

Dominik Schiener, co-founder of IOTA, emphasized that the support from ADGM and the partnership with UAE authorities goes beyond global expansion. It represents a pivotal shift towards regulatory synergy in the crypto markets, aiming to ensure diverse communities actively contribute to shaping the Foundation’s technology and governance.

The IOTA Foundation’s collaboration with the ADGM aligns with the UAE’s increasing prominence as a key international crypto destination. The country’s financial center has attracted numerous blockchain and crypto-related companies, with stablecoin issuer Paxos also recently securing approvals to operate in the ADGM.

**FAQs**

1. **What is the significance of the IOTA Foundation’s DLT foundation in the UAE?**
The establishment of the first DLT foundation in the UAE by the IOTA Foundation represents a strategic expansion and a commitment to fostering innovation and adoption of the IOTA protocol, particularly in the MENA region. The foundation’s registration with the ADGM and the allocation of $100 million for the initiative emphasize its importance in advancing regulatory synergy and community-driven projects.

2. **How will the $100 million be allocated for the DLT Foundation?**
The investment of $100 million in IOTA tokens will be vested over the next four years, with a focus on nurturing innovation, supporting community-driven projects, and promoting regulatory synergy. Projects related to IOTA and Shimmer will receive increased attention and funding.

3. **What is the significance of the partnership between the IOTA Foundation and the ADGM in the UAE?**
The partnership signifies a new era of regulatory cooperation in the crypto markets, reflecting a broader effort to ensure diverse communities actively contribute to shaping the Foundation’s technology and governance. It also aligns with the UAE’s growing status as an important international crypto destination.


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