IOTA launches $10m fund to support startups, venture projects

Image courtesy: Andriy Onufriyenko/ Getty Images

Global technology network IOTA has unveiled a $10m investment fund at Investopia 2024 to advance the development of tradetech solutions and support the expansion of startups and venture projects.

The fund, launched in partnership with specialised digital platform TLIP, seeks to enhance the trade technology landscape and foster a more interconnected, efficient, and accessible global trade system.

The initiative seeks to offer trade financing solutions to businesses and governments and aligns with the UAE’s commitment to advance technologies applied in global trade.

IOTA Ecosystem DLT Foundation’s newly established fund will invest in UAE-based startups across Africa.

By fostering a supportive ecosystem for technological innovation, IOTA will have the opportunity to unlock new possibilities and opportunities for seamless and efficient global trade, benefiting societies and economies around the globe.

The IOTA Ecosystem DLT Foundation is the first blockchain-focused organisation approved by regulators of the Abu Dhabi Global Market, the financial centre of the UAE whose blockchain rules were finalised last November.

The Foundation is focused on developing the next generation of decentralised governance technologies. It aims to build a new digital economy by redesigning how people and devices connect and exchange information and value.

IOTA leverages cutting-edge technologies such as blockchain, digital currencies, distributed data technology, the Internet of Things (IoT), and other modern financial technology applications.

Through collaboration with a global network and partners, IOTA seeks to make a sustainable impact by researching and developing technological advancements.

Read: How the UAE is cementing its fintech hub status