IOTA (IOTA), the open-source distributed ledger technology, has seen its price surge over 13% in the past 24 hours. This jump follows the announcement of a new $10 million investment fund launched by the IOTA Ecosystem DLT Foundation during Investopia 2024.

Fund Focuses on Bolstering TradeTech Solutions

The fund aims to support startups and ventures focused on digital trade initiatives and asset tokenization. This aligns with Investopia’s mission of empowering entrepreneurs and fostering a vibrant startup ecosystem. The collaboration with TLIP, a platform for trade data exchange, further strengthens the fund’s goals of revolutionizing trade technology and creating a more efficient global trade system.

UAE Backing and IOTA Registration Boost IOTA

The fund’s establishment resonates with the UAE’s dedication to advancing trade technologies. The fund primarily targets startups in the UAE and Africa, aiming to catalyze innovation and economic development in these regions. Additionally, IOTA’s registration with the Abu Dhabi Global Market (ADGM) in November 2023 likely contributed to the earlier price jump of 43%.