- IOTA outperforms the top 100 cryptocurrencies.
- IOTA has secured registration with the ABGM.
- A new IOTA Foundation will operate from Abu Dhabi to drive the ecosystem forward.
The crypto market is trading flat today, but one token has managed to buck the trend. On news that the IOTA Foundation has successfully registered with the Abu Dhabi Global Market (ADGM,) IOTA has surged ahead of the top 100 cryptocurrencies, posting 32% gains over the last 24 hours.
IOTA Leads Top 100
The 24-hour performance of IOTA saw a 32% increase over the last 24 hours, peaking as high as $0.29 to record a 61-week high. Profit-taking has since dipped the price of IOTA to $0.236 at the time of writing, but the token has so far managed to retain the majority of gains made due to the ADGM announcement.
In a rare show of form, IOTA’s strong performance made it the biggest gainer of the top 100 cryptocurrencies by market cap over the last 24 hours. The next four top gainers were THETA, LEO, INJ, and KCS, whose 24-hour gains were much lower, gaining between 5.5% and 3%.
The extent of IOTA’s outperformance was sparked by the landmark collaboration between the IOTA Foundation and the ADGM, which promises to spearhead digital infrastructure development in the Middle East North Africa (MENA) region.
ADGM Registration Secured
In securing ADGM registration, IOTA will form a new independent Foundation based in Abu Dhabi tasked with expanding the IOTA’s digital infrastructure from the MENA region to the rest of the world.
The new Foundation will be seeded with over $100 million in IOTA tokens to nurture the IOTA ecosystem and accelerate the growth of the IOTA protocol. Details of the Foundation, such as its structure and governance, will be shared “over the coming weeks,” explained IOTA.
The $100 million fund will foster partnerships across multiple sectors to advance IOTA adoption. The goal is to bring institutional investors and assets into the digital ecosystem, tokenize real-world assets, and bring billions of dollars into the UAE’s virtual assets space.
Sponsored
Dominik Schiener, the chair of the IOTA Foundation, expressed positivity over the support received from regulators and business leaders in Abu Dhabi. He is confident that the region will contribute immensely to IOTA’s vision of becoming a global infrastructure for a digital economy.
On the Flipside
- The IOTA-ADGM collaboration signals the UAE‘s intention to be a global crypto player.
- Ethereum co-founder Vitalik Buterin has expressed skepticism over IOTA’s claims of being infinitely scalable.
Why This Matters
The ADGM registration will enable IOTA to channel extensive funding and favorable regulation into tangible network development. This move signals that decentralization and government oversight need not be mutually exclusive, lighting a path for blockchain to make inroads across finance and society.
Learn more about the SwissOne Opportunity Fund and its impact on cryptocurrency here:
SwissOne Shimmer, IOTA Fund: What Does It Mean for Crypto?
Read about the HMRC’s call to taxpayers to disclose crypto tax liabilities here:
UK Offers Crypto Tax Amnesty if Brits Fess up Holdings
