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With the IOTA Ecosystem DLT Foundation officially launching in the United Arab Emirates (UAE), IOTA’s price has printed a 26% growth in the past 7 days.
The pivotal news helped break the dormancy in the price of IOTA, pushing the asset from $0.179 to a high of $0.270. The DLT Foundation has positioned IOTA as a protocol with deep skin in the game, leveraging the regulatory clarity in the UAE to push its mission to connect the world.
The IOTA Ecosystem DLT Foundation
According to the announcement, the DLT Foundation has registered with the Abu Dhabi Global Market (ADGM) under the DLT Foundations Regulations.
The DLT Foundation launched with a $100 million seed fund domiciled in IOTA tokens. The protocol plans to vest this IOTA fund for a period of 4 years. As revealed, this fund will help boost the IOTA ecosystem and accelerate the growth of the DLT, known for its innovation.
The goal of the DLT Foundation, which is the first of its kind in the region, is to chart strategic partnerships that will boost IOTA adoption as well as the integration of Shimmer.
Part of the mission of the DLT Foundation is to drive the embrace of IOTA’s technology in different aspects of the UAE economy ranging from governments and academic institutions.
With its growing crypto ecosystem, IOTA, through the DLT Foundation, aims to champion a new era in its evolution, characterized by diversified adoption across different continents.
IOTA Sets Stage for Growth
The latest move by IOTA to strategically enter Abu Dhabi comes following months of targeted preparations.
As reported earlier by The Crypto Basic, the protocol shifted its gear toward Shimmer interoperability in early April when it brokered a partnership with Multichain protocol.
Besides the UAE, IOTA also has a very bold presence in Europe where it has made it to the final phase of the European Blockchain Pre-Commercial Procurement (PCP) initiative.
The protocol is highly recognized for its technology and the move into the UAE might prove pivotal in expanding its influence.