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IOTA Surges 46% in 24 Hours- Here’s Why
- IOTA’s price surged 46% to US$0.2519, becoming the top-performing digital asset.
- IOTA uses the ‘Tangle’ system for scalable, cost-effective transactions, and is quantum-resistant.
- The coin’s price surge may be linked to its new US$100 million foundation in Abu Dhabi, aimed at promoting its technology in the Middle East and aligning with Abu Dhabi’s blockchain ambitions.
- This initiative focuses on trade and finance in the UAE and aims to expand IOTA’s presence in the MENA region, Africa, and Asia.
IOTA Breaches US$ 0.25
IOTA has surged 46% in the past 24 hours making it the best-performing digital asset of the hour. Currently IOTA trades hands for US$0.2519 (AU$0.3804), which is substantial considering it was traded for just US$0.1735 (AU$0.262) a day ago.
What is IOTA?
IOTA is a unique cryptocurrency and distributed ledger technology tailored for the Internet of Things (IoT). It uses a ‘Tangle’ system, a directed acyclic graph (DAG), allowing free and scalable transactions, unlike traditional blockchains. This structure speeds up the network as it grows, ideal for fast, cost-effective IoT device transactions.
IOTA is quantum-resistant, providing security against advanced computing threats. Initially facing security and centralisation issues due to the ‘Coordinator,’ IOTA Foundation’s ‘Coordicide’ project aims to resolve these by decentralising the network.
Why Did IOTA Price Surge?
A reason for IOAT’s stellar performance could be that IOTA launched a US$100 million (AU$150 million) foundation in Abu Dhabi to promote its distributed ledger technology in the Middle East, focusing on digitising real-world assets. This aligns with Abu Dhabi’s goal to become a crypto-friendly hub, demonstrated by its US$2 billion (AU$3 billion) investment in web-3 and blockchain startups. The initiative aims to boost IOTA’s growth in the MENA region, Africa, and Asia, with a specific focus on trade and finance in the United Arab Emirates.
The market right now is being reshuffled so we have a big opportunity to position ourselves by focusing on onboarding institutions, offering them to work on-chain because now it’s more feasible to do that in the UAE.
Dominik Schiener, IOTA co-founder and Chairman Hamad Sayah Al Mazrouei, CEO of the Registration Authority of ADGM, stated that Abu Dhabi aims to become a leading blockchain hub by welcoming IOTA, which, despite its rapid growth since 2015, faces regulatory uncertainties in Europe.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
