IOTA Skyrockets 43% Following Ecosystem Foundation Registration in Abu Dhabi

• IOTA Token Soars 43% Following Foundation Registration in Abu Dhabi
• Foundation Registration Boosts IOTA's Value
• Funds Locked in for Four Years
• Global Expansion Plans
• Abu Dhabi Emerging as Crypto-Friendly Hub

IOTA Token Soars 43% Following Foundation Registration in Abu Dhabi

The IOTA$0.296 5.51% token witnessed a massive uptick of 43% subsequent to registering an ecosystem development foundation in Abu Dhabi. The foundation, known as the IOTA Ecosystem DLT Foundation, will receive funding through $100 million worth of IOTA tokens set to vest over a four-year period.

Foundation Registration Boosts IOTA's Value

News surrounding the registration of a development foundation in Abu Dhabi, the capital of the United Arab Emirates, incited a 43% surge in the value of the IOTA ecosystem's native token on Wednesday. The IOTA Ecosystem DLT Foundation is recognized as the inaugural foundation to be registered under the regulations termed the DLT Foundations Regulations. This regulatory framework was established by the financial watchdog of the city, the Abu Dhabi Global Market (ADGM).

Funds Locked in for Four Years

The newly formed organization will be supported by $100 million worth of IOTA tokens, which will be locked for a duration of four years. Following the announcement, the cryptocurrency's price skyrocketed from 17 cents to 25 cents, reaching its highest since February.

Global Expansion Plans

This development follows IOTA's September announcement unveiling its intentions to set up a regulated entity in Abu Dhabi, aiming to boost the network's global expansion. Several crypto-adjacent firms including IOTA have been granted approval by Abu Dhabi's regulators recently. Paxos, for instance, was given a green light to begin operations in the Emirati city on Wednesday. Additionally, Liminal, a provider of digital asset custody and wallet infrastructure, received provisional approval from ADGM earlier this month.

Abu Dhabi Emerging as Crypto-Friendly Hub

The flurry of regulatory approvals signals Abu Dhabi's increased efforts to position itself as a hub for cryptocurrency activities. The emirate announced earlier this year its plan to invest approximately $2 billion into web-3 and blockchain startups to attract developers to its economic free zone.

Hamad Sayah Al Mazrouei, CEO of the Registration Authority of ADGM, stated that by collaborating with companies like IOTA, ADGM aims to progress towards a future that is marked by setting global standards in the continuously evolving blockchain and Web3 landscape.

Edited by Jonathan Stoker