IOTA price jumps 66% after Abu Dhabi registration

The IOTA token surged in value by 66%. The market reacted to регистрация The IOTA Ecosystem DLT Foundation in Abu Dhabi as the first blockchain organization.

This became possible after the legislation, which приравняло the network-development-related entities of the organization and DAO to legal entities.

The team unveiled plans in September to establish a regulated Abu Dhabi-based entity to facilitate global network expansion представила.

The firm’s authorized capital will be $100 million in IOTA tokens, to be unlocked over four years.

Oversight of the IOTA Ecosystem DLT Foundation will be performed by ADGM.

“By working with companies such as IOTA, ADGM seeks to move toward a future defined by establishing global benchmarks in the ever-evolving blockchain landscape and Web3,” — said Hamad Saya Al Mazrui.

The market reacted vigorously to the news. IOTA’s price, on rising volumes, rose from $0.174 to $0.29 over the following seven hours (+66%).

As of writing, daily growth slowed to 37.5%, according to CoinGecko.

Earlier in November, mining company Phoenix Groupraised $370 million in an IPO on the Abu Dhabi Securities Exchange.