Native Asset for Internet of Things Project Jumps by 31% This Week Amid Launch of $100,000,000 Ecosystem Foundation

The native asset for a crypto project focused on the Internet of Things soared by 31% this week amid the launch of a new $100 million ecosystem foundation.

$IOTA is a distributed ledger technology (DLT) that aims to serve as the backbone of the Internet of Things.

The project’s native token is trading around $0.236 at time of writing, up from $0.180 one week ago. The 78th-ranked crypto asset by market cap is also up nearly 45% in the past month.

The token’s price jumped on Wednesday after the project announced the rollout of the new $IOTA Ecosystem DLT Foundation, which is registered with the Abu Dhabi Global Market in the United Arab Emirates.

$IOTA says the foundation will be seeded with more than $100 million worth of $IOTA tokens that will vest over the next four years.

“This funding is earmarked for nurturing the $IOTA ecosystem and accelerating the growth of the $IOTA protocol. In line with its community-driven ethos, the $IOTA Ecosystem DLT Foundation will foster valuable partnerships in the region to advance the adoption of $IOTA and its staging network, Shimmer, across various sectors. This 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’s virtual assets space.”

$IOTA also says it plans to become fully compatible with the Ethereum (ETH) Virtual Machine (EVM) in the first quarter of next year.

“With new headquarters in the UAE, $IOTA will evolve from being an enterprise DLT network, to becoming a competitive layer-1 blockchain in web3 and crypto. In Q1, $IOTA will become fully EVM-compatible, opening the gates to a thriving DeFi, Gaming and DApp ecosystem.”