IOTA targets RWA and DeFi traction with major program in Singapore

$IOTA Foundation has revealed a key program aimed at promoting the Real-World Asset (RWA) tokenization ecosystem on $IOTA.

The 12-week Accelerator is a collaboration with early-stage venture capital firm Tenity and will offer the grant and other resources to early-stage projects ken on RWA, decentralised finance (DeFi), Institutional DeFi Services and infrastructure.

$IOTA APAC Accelerator to offer $50k grant to startups

Specifically, the $IOTA Ecosystem DLT Foundation says the $IOTA APAC Accelerator program will provide select projects with a $50,000 grant.

The projects will have a demo day at Token2049. Also notably, these startups will tap into the $IOTA EVM technology, according to details in a blog post.

Dominik Schiener, co-founder, says the $IOTA Foundation sees Singapore as “the ideal venue” for the program. According to $IOTA, the APAC Accelerator is scheduled for June to September 2024.

In December last year, the $IOTA Foundation took a major step in fostering further adoption of the $IOTA network. That came in the form of the first Distributed Ledger Technology (DLT) registration in Abu Dhabi.

As Invezz highlighted, the news boosted the $IOTA price as the cryptocurrency became one of the top performers at the time of the ADGM registration. Indeed, the $IOTA Foundation announced a $100 million funding program targeted at the ecosystem.

With this latest partnership, $IOTA Foundation is looking to push into the RWA space. Market experts say innovation in this ecosystem could be a major factor in price rallies for related tokens.

Currently, the price of $IOTA is near a key support zone at $0.31. While the positive news may have catalysed an increase in prices, Bitcoin’s flip below $70k looks to have hampered bulls’ plans.

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