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IOTA Jumps 43% After Registering Ecosystem Foundation in Abu Dhabi

Native token of the IOTA ecosystem (IOTA) jumped 43% Wednesday on news about registering a development foundation in Abu Dhabi, the capital of United Arab Emirates. The IOTA Ecosystem DLT Foundation claims to be the "first" foundation being registered under the regulatory framework called the DLT Foundations Regulations, set up by the city's financial watchdog Abu Dhabi Global Market (ADGM), according to an IOTA press release. The new organization will be funded by $100 million worth of IOTA tokens, locked up for four years, the press release added. The cryptocurrency's price surged to 25 cents from 17 cents immediately after the announcement, hitting its highest level since February.

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