{"id":203476,"date":"2023-11-30T11:51:05","date_gmt":"2023-11-30T06:21:05","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203476"},"modified":"2023-11-30T11:51:05","modified_gmt":"2023-11-30T06:21:05","slug":"iota-surges-after-announcing-middle-eastern-and-rwa-pivot-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/iota-surges-after-announcing-middle-eastern-and-rwa-pivot-crypto-news\/","title":{"rendered":"IOTA Surges After Announcing Middle Eastern and RWA Pivot – Crypto News"},"content":{"rendered":"
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IOTA is the best performing top 100 cryptocurrency of the past 24 hours, gaining 45% in a single day after the project announced the launch of a new foundation as part of a pivot to focus on real-world assets.<\/p>\n

On Nov. 29, Iota announced<\/a> its newly launched IOTA Ecosystem DLT Foundation had become the first distributed ledger technology (DLT) foundation registered by the Abu Dhabi Global Market (ADGM) \u2014 the capital city of the United Arab Emirates (UAE).<\/p>\n

Iota seeded the new foundation with $100M vested over four years, with the new entity tasked with bridging the gap between DLT and real-world assets (RWAs) in the Middle East and North Africa (MENA) region.<\/p>\n

\u201cThis includes collaboration with institutional investors, governments, and academic institutions for the tokenization of real-world assets and bringing them on-chain, thus bringing billions of dollars into the UAE\u2019s virtual assets space,\u201d Iota said.<\/p>\n

Iota\u2019s focus on the MENA region offers the project a point of difference from rival networks specializing in RWAs. On the same day, Polkadot\u2019s Web3 Foundation invested<\/a> $1M into U.S. Treasury Bills brought on-chain by Anemoy, a Centrifuge Chain-based asset issuer.<\/p>\n

Iota promotes Shimmer adoption<\/h2>\n

Iota\u2019s RWA and MENA pivot follows the launch of Shimmer last September. Shimmer is a Layer 1 network offering compatibility with code written for the Ethereum Virtual Machine, Ethereum\u2019s core smart contract engine.<\/p>\n

Shimmer introduced new web3 functionality for the Iota ecosystem, with the original Iota network focussed on providing low-cost payments. Shimmer\u2019s EVM functionality allows the tokenization of RWAs.<\/p>\n

Shimmer\u2019s native SMR token is up nearly 17% in response to the news. The bounce follows a steady downtrend for both SMR and IOTA since February.<\/p>\n

ADGM embraces blockchain<\/h2>\n

Iota described ADGM as fostering among the most \u201cprogressive and responsive\u201d regulatory environments worldwide.<\/p>\n

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