Surge in IOTA as 100M Dollars DLT Foundation Launch Propels It to a 6-Month High

Crypto News- IOTA just unveiled a groundbreaking move in Abu Dhabi with the launch of the IOTA Ecosystem DLT Foundation. This marks a major stride for IOTA’s distributed ledger technology (DLT) as it expands its footprint into the Middle East. Fueled by $100 million in IOTA digital tokens, the foundation is a strategic push to strengthen IOTA’s DLT presence in the region.

Surge in IOTA as 100M Dollars DLT Foundation Launch Propels It to a 6-Month High

The venture also aims to rope in more institutions into the on-chain ecosystem, leveraging the UAE’s favorable regulatory environment. Abu Dhabi’s commitment to becoming a blockchain leader aligns seamlessly with IOTA’s vision. The Registration Authority of the Abu Dhabi Global Market (ADGM) has played a pivotal role in fostering this collaboration, emphasizing the emirate’s determination to set global standards in blockchain and Web3. Recent regulatory changes by the ADGM, specifically targeting DLT foundations, set a robust foundation for IOTA and similar organizations to expand in the Middle East.

This strategic move by IOTA unfolds amidst a wave of regulatory approvals in Abu Dhabi, signaling the city’s intent to become a crypto-friendly hub. Notably, other players like Paxos and Liminal have also secured regulatory nods, pointing to a growing trend of blockchain and crypto businesses eyeing opportunities in the region.

The impact on IOTA’s market position has been substantial. Post the foundation’s debut, the IOTA token experienced a remarkable surge, reaching a 6-month high of $0.285236, encountering resistance thereafter. According to CoinStats, the upward momentum persisted, with IOTA trading at $0.236, marking a noteworthy 36.67% increase from the intraday low.

This surge underscores the market’s positive response to IOTA’s strategic initiatives and the establishment of a new foundation within ADGM’s regulatory framework. Additionally, IOTA’s market capitalization and 24-hour trading volume witnessed a remarkable uptick, soaring by 36.82% and 10776.86%, respectively, reaching $719,502,547 and $747,679,281.