IOTA continues its strategic expansion with the launch of the first DLT Foundation in the UAE. The IOTA Foundation has allocated an investment of $100 million to the initiative, which is to be vested over the next four years. This will be used to nurture the innovation and adoption of the IOTA protocol, in addition to community-driven projects and regulatory synergy.
Dominik Schiener, IOTA co-founder, commented on this move: “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.”
The IOTA-ADGM partnership comes as the UAE further establishes itself as an important international crypto destination. Stablecoin issuer Paxos has just secured two in-principle approvals from the Financial Services Regulatory Authority (FSRA), meaning that it will now be able to issue stablecoins and provide brokerage and custody services in the ADGM.
The news of the DLT Foundation saw IOTA’s price rally, up by 50% at the time of writing. This strategic expansion of IOTA is helping to create a new era of regulatory synergy in the cryptocurrency markets, with the aim of achieving digital autonomy for all.