IOTA establishes foundation in Abu Dhabi with $100 million to promote DLT in the Middle East.

IOTA establishes foundation in Abu Dhabi with $100 million to promote DLT in the Middle East.

According to a report by en.cointelegraph.com, open-source blockchain developer IOTA has announced the creation of a foundation in Abu Dhabi to support the growth of its distributed ledger technology (DLT) in the Middle East. The IOTA Ecosystem DLT Foundation is set to be supported with $100 million in IOTA tokens and aims to accelerate DLT growth and tokenize assets into digital ones. This announcement shows that IOTA sees the Middle East as an important area for the further development of blockchain technology.

The establishment of a foundation in Abu Dhabi with the aim of supporting the growth of DLT in the Middle East will have far-reaching implications for the market and the financial industry. By specifically supporting and promoting DLT technology in the Middle East, IOTA will strengthen its presence in this region and develop potential use cases for its technology. This could lead to increased adoption of DLT in the Middle East and establish the region as a major market for blockchain technology.

The establishment of the IOTA Ecosystem DLT Foundation also marks a step towards the tokenization of assets in the Middle East. This development could help transform traditional assets into digital form and create new opportunities for investment and financing in the region.

Additionally, the approval of the foundation by ADGM regulators, as well as the introduction of comprehensive regulations for DLT foundations, shows that the Middle East is striving to become a leading region for the blockchain industry. This could result in increased collaboration between blockchain companies and governments in the Middle East, further driving the development and adoption of DLT technology in the region.