Iota is concentrating on developing its distributed ledger technology (DLT) in the Middle East by launching the Iota Ecosystem DLT Foundation in Abu Dhabi.
The foundation wants to speed up the evolution of DLT and transform physical assets into digital ones. It is supported by $100 million in Iota tokens over a four-year period. This supports the UAE’s objective of emerging as a preeminent blockchain jurisdiction.
Regulators at Abu Dhabi Global Market (ADGM) approved the foundation after introducing thorough restrictions in November. Iota intends to work with organizations, governments, and academic institutions to tokenize real-world assets, bringing billions into the virtual asset market in the United Arab Emirates.
“The market is currently being reshuffled so we have a big opportunity to position ourselves by focusing on onboarding institutions and offering them to work on-chain because it’s more feasible to do that in the UAE,” stated Dominik Schiener, co-founder of Iota.
Through this initiative, Iota is demonstrating its dedication to a decentralized future and supporting a healthy Abu Dhabi crypto ecosystem.