TechFlow news, according to Reuters, global tech network IOTA launched a $100 million foundation in Abu Dhabi on Wednesday, aiming to accelerate the development of its distributed ledger technology (DLT) in the Middle East and help transform real-world assets into digital assets, said Dominik Schiener, co-founder and chairman of IOTA.
DLT is similar to blockchain, a cryptographic technology whose potential applications have grown into hundreds since its emergence over a decade ago. IOTA digital tokens will be used to fund this investment.
The IOTA Ecosystem DLT Foundation is the first blockchain-focused organization approved by the Abu Dhabi Global Market (ADGM) regulatory authority, the financial hub of the UAE, whose blockchain regulations were finalized in early November.
