- IOTA’s UAE-based Ecosystem Foundation has committed $10 million to startups in the UAE and Africa.
- The foundation was registered in November.
- The IOTA token rose by 43% following the registration.
IOTA’s recently launched Ecosystem Foundation is set to make its first series of investments, committing $10 million to early-stage startups focused on digital trade and tokenization of real-world assets (RWAs), according to a press release.
The investments will be disclosed publicly over the coming weeks and will include the newly-formed tradetech ventures. Support will also be offered to startups building on IOTA through an accelerator program.
The Foundation became a regulated entity in the United Arab Emirates (UAE) in November. The registration prompted IOTA’s native token to jump by 43%.
Since then, IOTA has increased by 20% as it hovers around the 30 cent mark following a wave of market-wide bullish sentiment. The broader CoinDesk (CD20) index is up by 66% in the same period.
Initial investments will be focused on trade technology startups headquartered in the UAE and Africa.
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“By investing in the future of TradeTech, we are not just facilitating smoother trade transactions; we are laying the groundwork for a more interconnected and efficient global trade ecosystem,” said Dominik Schiener, co-founder of IOTA and chairman of the IOTA Foundation.
IOTA is an open-source distributed ledger that was released in 2016. It raised $590,000 in an initial coin offering (ICO) eight months earlier.