IOTA launches $100 million Abu Dhabi foundation for Middle East expansion

The open-source blockchain developer IOTA announced on Nov. 29 that it is launching a foundation, the IOTA Ecosystem DLT Foundation, based in Abu Dhabi to focus on the growth of its distributed ledger technology (DLT) in the Middle East region.

According to the announcement, the new foundation will be supported by $100 million IOTA digital tokens, which will be vested throughout the course of the next four years.

One of the primary goals of the foundation is to push for accelerated growth of its DLT and “convert real-world assets into digital ones” according to the company’s co-founder and chairman Dominik Schiener.

“The market right now is being reshuffled so we have a big… Read more on Cointelegraph

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