IOTA launches $100 million entity in Abu Dhabi to create digital network

FILE PHOTO: The logos and exchange rates of Bitcoin (BTH), Litecoin (LTC), Monero (XMR) and Ether (ETH) to Swiss franc (CHF) are seen on the display of a cryptocurrency ATM of blockchain payment service provider Bity at the House of Satoshi bitcoin and blockchain shop in Zurich, Switzerland November 4, 2021. REUTERS/Arnd Wiegmann/File Photo

NEW YORK (Reuters) - Global technology network IOTA on Wednesday launched a $100-million foundation in Abu Dhabi to accelerate the growth of its distributed ledger technology (DLT) in the Middle East, aiming to help convert real-world assets into digital ones, said IOTA co-founder and Chairman Dominik Schiener.

DLT is similar to blockchain, a crypto technology whose potential applications has reached the hundreds since its inception more than 10 years ago. IOTA digital tokens will fund the investment.