The open-source blockchain developer Iota has unveiled the Iota Ecosystem DLT Foundation in Abu Dhabi, with a focus on advancing its distributed ledger technology (DLT) in the Middle East.
The foundation, backed by $100 million in Iota tokens over four years, aims to accelerate DLT growth and convert real-world assets into digital ones. This aligns with the UAE’s goal of becoming a leading blockchain jurisdiction.
The foundation’s approval by Abu Dhabi Global Market (ADGM) regulators follows comprehensive regulations introduced in November. Iota plans to collaborate with institutions, governments, and academia to tokenize real-world assets, injecting billions into the UAE’s virtual assets space.
Dominik Schiener, Iota’s Co-Founder, said, “The market right now is being reshuffled so we have a big opportunity to position ourselves by focusing on onboarding institutions, offering them to work on-chain because now it’s more feasible to do that in the UAE.”
The initiative underscores Iota’s commitment to a decentralized future, fostering a thriving crypto community in Abu Dhabi.
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