News - IOTA shoots up 35 percent - these are the reasons

By Luc Vesters

IOTA shoots up 35 percent - these are the reasons

IOTA schiet met 35 procent omhoog - dit zijn de redenen

The price from IOTA exploded on November 29. The share price rose nearly forty percent in 24 hours. The reasons: a new partnership: The Berlin-based crypto project will become the official partner of Abu Dhabi Global Market. It aims to make IOTA the first "regulated and fully compatible entity" responsible for building an ecosystem of digital assets.

The Abu Dhabi Global Market is a free trade zone and international financial center in the United Arab Emirates. The foundation behind the project explained this in a press release. For the deal, IOTA will receive $100 million over a four-year period. The free trade zone "will give the company the budget it needs to drive IOTA's growth in the MENA region, Africa and Asia. In the United Arab Emirates, IOTA has a strong focus on the areas of trade and logistics, trade finance and institutional investors," the press release said.

IOTA has had a difficult time. The share price is still 95 percent away from its all-time high in December 2017. The share price was last able to recover somewhat in October 2023. This year, however, two major development deals were announced. The Shimmer update allowed Ethereum applications to be easily transferred to the blockchain. The Stardust update removed an unpopular feature, the controller. Furthermore, IOTA 2.0 is on the horizon.

What is IOTA?

IOTA was founded in 2015, in part by Dominik Schiener, a developer from South Tyrol. The project uses a special consensus algorithm called the Tangle. It is designed specifically for use in the Internet of Things. The blockchain already has partnerships with companies such as Dell, Jaguar, Linux Foundation and many more.

People in Europe are also in the race to help build a decentralized data structure. The European Blockchain Services Infrastructure competition has reached the second round in 2022.

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