IOTA Cryptocurrency pumps 40%, as its foundation registered in Abu Dhabi
The IOTA project team claims its Ecosystem Foundation is the first evered registered crypto foundation in Abu Dhabi.
IOTA re-engineered a version of existing distributed ledger technology to provide a feeless, open-source, secure data and financial exchange. In 2015, it was created by David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Serguei Popov. In 2016 IOTA network went live following the fundraising of nearly 1,800 Bitcoin ( worth nearly $500k at that time). In 2017, early IOAT token Investors donated 5% investment to the team to establish “IOTA foundation”.
On 29 Nov 2022, IOTA foundation confirmed that IOTA registered with the Abu Dhabi Global Market (ADGM) and with this IOTA became the first ever Distributed Ledger Technology (DLT) foundation to get registered in Abu Dhabi.
IOTA is the first #DLT Foundation regulated with @ADGlobalMarket in #AbuDhabi
— IOTA (@iota) November 29, 2023! The new #IOTA Foundation will be seeded with over $100 million in $IOTA tokens to support and accelerate the growth of the IOTA ecosystem.https://t.co/7NYe2L5RFs
pic.twitter.com/DZUHjcm2sV
According to the IOTA foundation, this latest development will help the IOTA network to evolve more perfectly in the jurisdiction of UAE as a competitive Crypto Web3 blockchain network which will further open doors for the evolution of Defi, GameFi, Dapps under the ecosystem of IOTA network.
Furthermore the IOTA team claimed that such regulatory clarity for this cryptocurrency project in UAE will help it to shape a better future with billions of investment by the institutional investors.
Following this news, the trade price of IOAT coin surged by nearly 50% in the single day. The current trade price of this coin is $0.235 & this trade price is 35.44% high over the last 24 hours trade price.
Notably the trade price of this cryptocurrency was almost calm amid the bull sentiments in this innovative market, and was fluctuating around $0.15 but this latest development helped the Iota token investors to enjoy some better profit.
Read also: Coinbase CEO Says SEC Only Wants Crypto Regulation By Enforcement
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