In a new development, an important milestone has been achieved in the journey to establish IOTA, an open-source distributed ledger and cryptocurrency designed for the Internet of things, as a global digital infrastructure and innovation ecosystem.
The plan to create a new, independent, regulated foundation, headquartered in Abu Dhabi, is set to reshape IOTA’s global presence and influence.
This move underscores an unwavering commitment to the UAE and the ambition to expand IOTA’s impact worldwide. In the coming weeks, comprehensive details about this entity, including its structure and governance, will be shared with the community.
A Foundation for Global Growth
The primary objective of this new entity is to play a pivotal role in nurturing the growth, adoption, and worldwide expansion of IOTA. As this new chapter unfolds, there’s a recognition of the need to complement IOTA’s technology with robust support systems.
Such an endeavor requires an environment conducive to innovation, and the UAE, with its forward-thinking approach, is deemed the ideal place to realize these global ambitions.
The establishment of an additional headquarters is a significant step toward further decentralizing the governance of IOTA. The understanding is clear: IOTA’s success hinges on its status as a globally distributed, open, permissionless, and impartial digital infrastructure.
The ultimate goal for the company is to make IOTA a public goods infrastructure capable of powering our digital society and economy. With the foundation in Abu Dhabi, the team is confident in the ability to transform this vision into reality.
Pioneering a New Era
As this endeavor begins, there is a keen ambition to become one of the leading Distributed Ledger Technology (DLT) entities operating within the UAE.
This will be achieved under the newly established regulatory framework, ensuring close collaboration with regulators, business leaders, and government entities. This commitment to robust oversight and well-defined procedures exemplifies the dedication to supporting and enhancing the crypto community not only within the UAE but also globally.
Dominik Schiener, Chairman of the IOTA Foundation, expressed enthusiasm, stating, “From the very beginning, there has been a warm welcome and unwavering support from leaders, regulators, and businesses in Abu Dhabi. The country’s visionary and open-minded leadership, coupled with a ‘can-do’ mentality, provide the perfect environment to propel IOTA to the next level. It’s an exciting prospect to contribute to establishing the UAE as a hub for technology innovations.”
Establishing the new entity’s headquarters in Abu Dhabi strategically positions the IOTA Foundation at the epicenter of global growth and expansion efforts. Abu Dhabi’s geographical advantage and progressive regulatory environment make it the perfect base for operations, particularly in the Gulf Cooperation Council countries, Africa, and Asia.
Empowering the Ecosystem
The newly established foundation will be overseen by a dedicated board of directors, with one of its primary objectives being to provide crucial funding and support to the burgeoning IOTA ecosystem.
Building upon the community-driven ethos, the new foundation will also empower the IOTA community to actively participate in the formation of committees. This inclusive approach ensures that the collective wisdom and diverse talents within the IOTA community will continue to shape technology and governance.
Venturing into the UAE signifies a significant chapter in IOTA’s journey. It marks a pioneering role in regulatory innovation, the tokenization of real-world assets, and the development of new Web3 applications.
Close collaboration with leading institutions in the UAE will pave the way for a thriving DLT ecosystem, not only in the Emirates, but also beyond.