Fun

Iota launches $100M Abu Dhabi foundation for Middle East expansion

News Feed - 2023-11-29 10:11:26

Savannah Fortis10 hours agoIota launches $100M Abu Dhabi foundation for Middle East expansionThe Iota Ecosystem DLT Foundation is the first to receive approval from regulators in Abu Dhabi after its financial authority passed a new, related law earlier in the month.4272 Total views27 Total sharesListen to article 0:00NewsJoin us on social networksThe 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 in 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 opportunity to position ourselves by focusing on onboarding institutions, offering them to work on-chain because now it’s more feasible to do that in the UAE.”


In addition to growing its technology to support developments in the Middle East region, the network will begin “tokenizing” assets.


Hamad Sayah Al Mazrouei, the chief executive of the Registration Authority of the Abu Dhabi Global Market (ADGM), said the country aims to be “the leading jurisdiction for the blockchain industry.”


Related:Siemens and Microsoft partner to push AI adoption in industrial sectors


The Iota Ecosystem DLT Foundation became among the first blockchain-focused organizations to be approved by regulators from the ADGM.


This development comes less than a month after ADGM introduced comprehensive regulations on Nov. 2 targeting DLT foundations like Iota. The regulations claim to provide opportunities for organizations to expand into DLT in the region.


According to the new regulations, compliance includes disclosing the names of key figures, having a name that ends with “DLT Foundation,” a council consisting of two to 16 members, tokenholders being treated as beneficiaries, and not being allowed to conduct activities licensable by the ADGM.


This new framework also paves the way for decentralized autonomous organizations to legally operate and issue tokens to their members.


Magazine:This is your brain on crypto: Substance abuse grows among crypto traders# Blockchain# Business# Middle East# Adoption# Internet of Things# Iota# DLTAdd reactionAdd reactionRead moreMainstream approval critical for blockchain games — Gaming execsBitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestionWorldcoin claims 4M app downloads and 1M active users

News Feed

Value Held by Blockchain Oracles Slides 61% in 7 Months, Chainlink Dominates by 45%
Value Held by Blockchain Oracles Slides 61% in 7 Months, Chainlink Dominates by 45% While the crypto economy has shed significant value, losing more than $2 trillion since the high
William Suberg14 hours agoBTC price shows ‘textbook’ Wyckoff moves as Bitcoin bulls defend $25KBitcoin analysis increasingly believes that this cycle’s BTC price lows are done and dusted.7755 Total views75 Total sh
Utorg Exchange Grants Access to Traders With Limited Verification
Utorg Exchange Grants Access to Traders With Limited Verification Utorg.io is a digital asset exchange based in the U.K. that allows users in Europe and around the world to trade
OneCoin’s legal boss gets 4 years jail for massive $4B crypto scam
Tom Mitchelhill4 hours agoOneCoin’s legal boss gets 4 years jail for massive $4B crypto scamThe judge who handed down Irina Dilinska’s jail sentence described her as “a woman of great intelligence and a woman who o
RFK Jr. promises to pardon Silk Road’s Ross Ulbricht if elected
Vince Quill6 hours agoRFK Jr. promises to pardon Silk Road’s Ross Ulbricht if elected“Yes, illegal activity took place there, but come on,” the presidential hopeful wrote as he denounced Ulbricht’s draconian sent
Ondo Finance eyes tokenized treasury expansion amid crypto bull market
Zhiyuan Sun8 hours agoOndo Finance eyes tokenized treasury expansion amid crypto bull marketThe tokenization protocol opened its first Hong Kong office last month.678 Total views7 Total sharesListen to article 0:00NewsOw
Mawson Infrastructure Group Launches Bitcoin Mining Operation in Pennsylvania, Exits Australia
Mawson Infrastructure Group Launches Bitcoin Mining Operation in Pennsylvania, Exits Australia The bitcoin mining operation, Mawson Infrastructure Group, Inc., announced that the f
Democrats to Return 2.2% of $45.2 Million Donation Made by FTX’s Co-Founder Sam Bankman-Fried
Democrats to Return 2.2% of $45.2 Million Donation Made by FTX"s Co-Founder Sam Bankman-Fried After the disgraced co-founder of FTX, Sam Bankman-Fried (SBF), donated $5.2 million t
Francisco Rodrigues9 hours agoBlockchain devs expect complications from EU smart contract kill switchThe EU’s Data Act could introduce “kill switch” requirements for smart contracts, raising questions about how dec
400+ Crypto Advertisements Violate Guidelines in India — ‘Some Influencers Talk About Crypto Without Understanding It’
400+ Crypto Advertisements Violate Guidelines in India — "Some Influencers Talk About Crypto Without Understanding It" The Advertising Standards Council of India (ASCI) has repor
Federated Sidechains: $8M in BTC Stuck in Limbo, Analyst Says Action ‘Violates Liquid’s Security Model’
Federated Sidechains: $8M in BTC Stuck in Limbo, Analyst Says Action "Violates Liquid"s Security Model"Liquid, the sidechain network developed by the company Blockstream, saw 870 bi
Orbit Chain hacker moves $48M to Tornado Cash after months of ‘silence’
Brayden Lindrea3 hours agoOrbit Chain hacker moves $48M to Tornado Cash after months of ‘silence’The cross-chain bridge was exploited for $82 million over New Year’s Eve, with the funds sitting dormant since Jan. 1