- IOTA establishes a $100 million foundation in Abu Dhabi to accelerate the adoption of its distributed ledger technology (DLT) in the Middle East.
- The foundation aims to promote IOTA’s DLT to businesses and organizations in the region, support the development of DLT-based applications, and educate the workforce on DLT.
- IOTA’s DLT, known as the Tangle, offers several advantages over traditional blockchain architectures, making it well-suited for a wide range of applications, including the Internet of Things (IoT).
IOTA, a global technology network, has established a $100 million foundation in Abu Dhabi with the aim of propelling the expansion of its distributed ledger technology (DLT) across the Middle East. The foundation seeks to facilitate the conversion of real-world assets into digital ones, according to IOTA co-founder and Chairman Dominik Schiener.
IOTA co-founder and Chairman Dominik Schiener believes that this reshuffling of the market presents a golden opportunity for IOTA to position itself by focusing on onboarding institutions and facilitating their transition to blockchain-based operations. He emphasizes that the UAE’s supportive regulatory environment makes it an ideal location for such endeavors.
Tokenizing Assets and Advancing IOTA’s Technology
To fuel this growth, the foundation will be seeded with over $100 million in IOTA tokens, vested over the next four years. These funds will be strategically allocated to enhance the IOTA network’s capabilities and accelerate its expansion.
In addition, IOTA will embark on a journey of “tokenizing” assets, a process of converting ownership rights in physical assets, such as land or buildings, into digital tokens stored on the blockchain. These tokens serve as digital certificates of ownership, applicable to almost any object of value.
Leveraging the Middle East’s Potential
Hamad Sayah Al Mazrouei, chief executive of the Registration Authority of ADGM, expressed his enthusiasm for IOTA’s arrival in Abu Dhabi, asserting that this move positions the country as a frontrunner in the blockchain industry.
By being the first regulated Foundation in the Middle East, #IOTA is paving the way to onboard institutional investors. Here's what @ADGlobalMarket's CEO Hamad Sayah Al Mazrouei has to say on this exciting news 👇— IOTA (@iota) November 29, 2023
Read more: https://t.co/7NYe2L6pv0 pic.twitter.com/7m2IsTosU4
IOTA’s Pioneering Role in the Middle East’s Digital Landscape
The establishment of the IOTA foundation in Abu Dhabi marks a pivotal moment in the company’s journey, signaling its commitment to expanding its global footprint and shaping the future of DLT in the Middle East. With its unique technology and unwavering focus on innovation, IOTA is poised to play a transformative role in the region’s digital landscape.