- IOTA has continued to expand its influence in Abu Dhabi and Africa through strategic partnerships.
- Beyond fundamentals, IOTA is advancing on the tech front with IOTA 2.0 in view.
The IOTA blockchain network has recorded some breakthrough projects which include its Foundation launch in Abu Dhabi and collaborations with Trademark Africa and the WEF.
IOTA’s Foundation Launch in Abu Dhabi
As revealed in a post on the X platform, the IOTA Foundation was formed in Abu Dhabi in partnership with the Abu Dhabi Global Market (ADGM) in the fourth quarter of 2023. This collaboration opens the door for IOTA’s development across the Middle East, establishing IOTA as an important technology in the region.
In addition to the Abu Dhabi initiative, IOTA is also getting attention in trade financing, as seen in its integration with Trademark Africa and the World Economic Forum (WEF). Trademark Africa, although quite unpopular, is a key African organization promoting global trade, supported by several G20 nations, as well as the Bill and Melinda Gates Foundation.
$IOTA has made some HUGE recent advancements.
Their partnership to launch the IOTA Foundation in Abu Dhabi with ADGM in Q4 2023 was just the start!
This directly ties into their recent work in trade finance with Trademark Africa & the WEF.
At the World Trade Organization’s… pic.twitter.com/v0AH9W47P3
— Tokenicer✲⥃⬢ (@Tokenicer) March 28, 2024
At the WTO’s 13th Ministerial Conference, IOTA, Trademark Africa, and WEF collaborated to create the Trade Logistics Information Pipeline (TLIP). TLIP aims to streamline trade processes and increase efficiency, particularly in Africa and Abu Dhabi. While this initiative highlights IOTA’s increasing influence, it also indicates its exposure as a trade solution proven to be trusted by governments and regulators.
In line with this viewpoint, IOTA has strengthened its bond with the European government as it progresses through the EBSI PCP program’s final stages. Additionally, IOTA was used to test digital IDs and data provenance systems within the EU.
Reflecting on Crypto News Flash’s prior findings, IOTA’s involvement in trade solutions includes an investment of over $10 million announced by the IOTA Ecosystem DLT Foundation in the United Arab Emirates. This funding is intended to support early-stage entrepreneurs, ventures, pilots, and the infrastructure required to improve TradeTech, Trade Finance, and the tokenization of Real World Assets (RWA).
IOTA’s Technological Advancements
IOTA has expanded beyond its partnerships to include advancements on the technological front. As revealed in a YouTube video by Crypto News Flash, IOTA anticipates the release of an Ethereum Virtual Machine (EVM) and the transition to IOTA 2.0.
IOTA 2.0 is expected to include a testnet deployment in the second quarter, a whitepaper, and a consensus document that is currently being reviewed, as Crypto News Flash had earlier detailed. Furthermore, IOTA is moving toward a decentralized approach by replacing its coordinator with a validator committee and using a DAG with Nakamoto consensus.
According to current data, IOTA is down by 0.36% and is trading at $0.3441, with its trading volume and market capitalization standing at $23.9 million and $1 billion respectively.
Reiterating Crypto News Flash’s earlier reports, the Bloom wallet has incorporated Transak into its Windows, Mac, and Linux platforms, allowing users to purchase IOTA directly from their wallets.
Bloom functions as a safe hub for wallet activities, allowing token and NFT trading and broadening the accessibility to IOTA.
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