IOTA

United

Million

Foundation

Dubai

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<p>IOTA has <a href="https://blog.iota.org/iota-first-dlt-registered-adgm-in-uae/" rel="noopener noreferrer nofollow">announced</a> the creation of its Ecosystem DLT Foundation in Abu Dhabi, the United Arab Emirates. This initiative requires an investment of over $100 million in IOTA tokens.</p>
<p>The new project represents a strategic move to enhance the IOTA protocol's presence in the increasingly crypto-friendly MENA region. It seeks to strengthen the IOTA network while working closely with regulatory bodies.</p>
<h2 id="setting-stage-for-dlt-advancements">Setting stage for DLT advancements</h2>
<p>The IOTA Ecosystem DLT Foundation is poised to substantially contribute to the burgeoning crypto sector in the MENA region.</p>
<p>With a commitment to seed the foundation with a substantial sum of IOTA tokens over the next four years, the foundation is expected to promote the IOTA ecosystem and fast-track the protocol's growth.&nbsp;</p>
<p>The partnership with the Abu Dhabi Global Market (ADGM), an international financial center for local, regional and international institutions, is expected to provide a conducive backdrop for collaborations aimed at tokenizing real-world assets.</p>
<p>Dominik Schiener of the IOTA Foundation explained that their work with ADGM and UAE officials is not just about growing bigger: it is also about creating better rules for the crypto world and getting people from different backgrounds involved in how they make and manage their technology.</p>
<h2 id="uae-s-embrace-of-cryptocurrency">UAE's embrace of cryptocurrency</h2>
<p>The United Arab Emirates has been actively cultivating a crypto-friendly ecosystem, exemplified by several key developments.</p>
<p>Beyond the recent <a href="https://u.today/xrp-achieves-major-breakthrough-in-dubai" rel="noopener noreferrer nofollow">endorsement</a> of XRP by Dubai's regulators, the UAE has witnessed a series of initiatives that show its commitment to supporting the growth of virtual assets.</p>
<p>Examples include the Dubai Multi Commodities Centre (DMCC) Crypto Centre, designed to foster crypto and blockchain businesses, and the Abu Dhabi Securities Exchange (ADX), exploring blockchain for asset settlements.</p>

IOTA Launches $100 Million Abu Dhabi DLT Foundation

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