IOTA is officially the first regulated and compliant entity to lead the development of a global, digital asset ecosystem under the Abu Dhabi Global Market (ADGM) in UAE.
The entity will be funded with $100 million in IOTA token treasury, to be released over four years. This treasury will equip the entity with the necessary budget to fuel the growth of IOTA across the MENA region, Africa, and Asia. Coming to the UAE, IOTA has a strong focus on positioning itself towards trade and logistics, trade finance, and institutional investors.
Read Also: IOTA to Reward ShimmerEVM Testers with 1.3 Million Token Airdrop: Details
With its community-driven ethos, the IOTA Foundation will foster key partnerships in the region for the adoption of the crypto project and Shimmer, its staging network, across various sectors.
One of those things planned by the foundation includes the collaboration with institutional investors, governments, and academic institutions for the tokenization of real-world assets and bringing them on-chain, which would bring billions of dollars into the crypto industry in the UAE.
IOTA’s UAE entry is meant to build a strong crypto community within ADGM’s ecosystem. According to the report, going forward, the foundation will be holding events regularly. These events are targeted at fostering a shared vision for a decentralized future and driving Abu Dhabi’s crypto hub forward through its legal framework.
Reacting to the new development, the CEO of the Registration Authority (RA) of ADGM, Hamad Sayah Al Mazrouei, said:
“Welcoming IOTA, one of the most established and well-respected blockchain protocols into ADGM’s DLT regime exemplifies our ambition to position Abu Dhabi’s stature as a prime location and ADGM as the leading jurisdiction for the blockchain industry.
“It is a strong validation of ADGM’s progress with its new and revolutionary DLT Foundations Framework. Working with companies like IOTA, ADGM aims to move towards a future characterized by setting global benchmarks in the ever-evolving blockchain and Web3 landscape”.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: IOTA Announces Shimmer’s Partnership with Multichain to Boost Cross-chain Interoperability
Co-founder and Chairman of the IOTA Foundation, Dominik Schiener, also commented on the new development:
“The IOTA Foundation’s support from ADGM and our partnership with UAE authorities is about more than global expansion. It’s about ushering in a new era of regulatory synergy in the crypto markets,
“We want to ensure that we take the right steps toward digital autonomy for everyone, and that means making sure a diversity of communities take an active role in shaping the Foundation’s technology and governance.”
Follow us on Twitter, Facebook, Telegram, and Google News
