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IOTA Ecosystem Foundation Commits $10 Million to UAE and African Startups

29/02/2024 21:08

According to CoinDesk, the IOTA Ecosystem Foundation, based in the United Arab Emirates (UAE), has committed $10 million to early-stage startups in the UAE and Africa. The foundation, which was registered in November, focuses on digital trade and tokenization of real-world assets (RWAs). The investments will be publicly disclosed in the coming weeks and will include newly-formed tradetech ventures. Additionally, support will be offered to startups building on IOTA through an accelerator program. Following the foundation's registration in the UAE, IOTA's native token experienced a 43% increase in value. Since then, IOTA has risen by 20% and currently hovers around the 30 cent mark. Initial investments will target trade technology startups headquartered in the UAE and Africa. Dominik Schiener, co-founder of IOTA and chairman of the IOTA Foundation, stated that investing in the future of TradeTech will help create a more interconnected and efficient global trade ecosystem. IOTA is an open-source distributed ledger that was released in 2016 after raising $590,000 in an initial coin offering (ICO) eight months earlier.

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