IOTA Ecosystem Foundation Commits $10 Million to Early-Stage Startups
The newly launched IOTA Ecosystem Foundation has announced a commitment of $10 million to support early-stage startups focusing on tokenized trading for real-world assets (RWAs).
Empowering Tokenization Startups
According to a recent press release, the specific startups that will receive funding from the foundation will be disclosed in the upcoming weeks. The initial investment will prioritize companies in the United Arab Emirates (UAE) and Africa. This includes newly established “tradetech ventures” and accelerator programs for startups leveraging IOTA technology.
“By investing in the future of TradeTech, we are not just facilitating smoother trade transactions; we are laying the groundwork for a more interconnected and efficient global trade ecosystem,” stated Dominik Schiener, co-founder, and chairman of the IOTA Foundation.
Expanding Digital Trade in Africa and the UAE
IOTA sees Africa and the UAE as key regions with significant potential to drive the advancement of digital trade on a global scale. The foundation recently achieved regulatory status in the UAE, solidifying its presence in the region.
Furthermore, IOTA has entered into a partnership for the Trade Logistics Information Pipeline (TLIP), a trade infrastructure project developed in collaboration with Trademark Africa. Drawing from the success of a similar initiative in Kenya, IOTA believes that digital payments present a transformative opportunity for Africa, akin to the widespread adoption of mobile phones.
The foundation highlighted that digitizing trade transactions could lead to an 80% reduction in costs, a 50% decrease in the trade finance gap, a significant reduction in cross-border processing times, and a 35% increase in SME efficiency.
Despite the recent positive developments, the price of IOTA experienced a 9% increase, reaching $0.29 on Thursday. Over the past month, the cryptocurrency has seen a 15% rise but remains 94% below its all-time high.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
