IOTA Launches Abu Dhabi Foundation for Middle East Expansion
IOTA, an open-source blockchain platform, has announced the establishment of its Abu Dhabi Foundation as part of its plan to expand in the Middle East. The foundation is registered with the Abu Dhabi Global Market (ADGM) financial authority and will be seeded with $100 million in IOTA tokens over a four-year period. The funds will be used to support the growth of IOTA’s ecosystem and activities in the Middle East. The foundation aims to foster relationships, promote the adoption of its protocol and staging network, Shimmer, and forge partnerships with institutional investors, governments, and academic institutions.
IOTA Transitions into Competitive Layer-1 Blockchain Protocol
IOTA is evolving from being an enterprise-focused distributed ledger technology (DLT) network to becoming a competitive layer-1 blockchain protocol within the Web3 and cryptocurrency space. The launch of the Abu Dhabi Foundation signifies a paradigm shift in IOTA’s operational framework. In Q1 2024, IOTA will become fully Ethereum Virtual Machine (EVM) compatible, allowing Ethereum developers and decentralized applications (dApps) to operate on the IOTA platform. This move will enable IOTA to tap into DeFi, gaming, and dApp ecosystems. Additionally, IOTA plans to shape the future of crypto by collaborating with regulators in the Middle East to onboard institutional investors and tokenize assets.
Hot Take: IOTA Expands Presence in the Middle East
IOTA’s establishment of its Abu Dhabi Foundation marks a significant milestone in its expansion plans in the Middle East. With $100 million in funding and partnerships with key stakeholders, IOTA aims to accelerate growth and adoption of its protocol in the region. By becoming EVM compatible in Q1 2024, IOTA opens doors for Ethereum developers and dApps to leverage its platform, further fueling its competitiveness in the blockchain space. This strategic move positions IOTA as a key player in the Web3 and cryptocurrency ecosystem, while also contributing to the growth of the Middle East’s blockchain landscape.
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