IOTA has introduced the Abu Dhabi Foundation as part of its plan to expand in the Middle East. The foundation, registered with the Abu Dhabi Global Market, will receive $100 million in IOTA tokens over four years to support the growth of the IOTA ecosystem. The focus of the foundation will be on accelerating the adoption of the DAG data structure protocol in the Middle East. IOTA aims to establish partnerships with institutional investors, governments, and academic institutions to tokenize real-world assets and drive capital into the UAE's virtual assets landscape. The CEO of the ADGM expressed excitement about the foundation and its contribution to the blockchain ecosystem. The launch of the foundation marks a shift for IOTA from an enterprise-driven platform to a competitive layer-1 blockchain protocol in the Web3 and cryptocurrency space. In Q1 of 2024, IOTA will become Ethereum Virtual Machine compatible to enable the operation of Ethereum developers and dApps on its platform. The protocol also plans to launch its first real-world asset tokens within the same timeframe.
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