IOTA targets RWA and DeFi traction with major program in Singapore

IOTA Foundation has revealed a key program aimed at promoting the Real-World Asset (RWA) tokenization ecosystem on IOTA.

The 12-week Accelerator is a collaboration with early-stage venture capital firm Tenity and will offer the grant and other resources to early-stage projects ken on RWA, decentralised finance (DeFi), Institutional DeFi Services and infrastructure.

IOTA APAC Accelerator to offer $50k grant to startups

Specifically, the IOTA Ecosystem DLT Foundation says the IOTA APAC Accelerator program will provide select projects with a $50,000 grant.

The projects will have a demo day at Token2049. Also notably, these startups will tap into the IOTA EVM technology, according to details in a blog post.

Dominik Schiener, co-founder, says the IOTA Foundation sees Singapore as “the ideal venue” for the program. According to IOTA, the APAC Accelerator is scheduled for June to September 2024.

In December last year, the IOTA Foundation took a major step in fostering further adoption of the IOTA network. That came in the form of the first Distributed Ledger Technology (DLT) registration in Abu Dhabi.

As Invezz highlighted, the news boosted the IOTA price as the cryptocurrency became one of the top performers at the time of the ADGM registration. Indeed, the IOTA Foundation announced a $100 million funding program targeted at the ecosystem.

With this latest partnership, IOTA Foundation is looking to push into the RWA space. Market experts say innovation in this ecosystem could be a major factor in price rallies for related tokens.

Currently, the price of IOTA is near a key support zone at $0.31. While the positive news may have catalysed an increase in prices, Bitcoin’s flip below $70k looks to have hampered bulls’ plans.

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