Iota announces new foundation and values more than 40%
IOTA's native token, IOTA, saw a 43% increase after announcing the creation of the Iota Ecosystem DLT Foundation and its registration in Abu Dhabi. This foundation will be funded with $100 million in IOTA tokens and will become the first distributed ledger technology foundation regulated by the Abu Dhabi Global Market.
Traders saw this announcement as a short-term bullish catalyst. Historically, incentives for the ecosystem and developers in blockchain and DeFi projects tend to attract liquidity and improve market sentiment.