IOTA’s recent investment of over $10 million marks a significant milestone in the digital transformation of global trade and finance. The aim of this initiative is to empower startups and innovators, particularly in the UAE and Africa, to create cutting-edge solutions for the trade industry.
The IOTA Ecosystem DLT Foundation, based in the United Arab Emirates, has announced this massive investment, which is dedicated to supporting early-stage startups, ventures, pilots, and the necessary infrastructure for revolutionizing TradeTech, Trade Finance, and the Tokenization of real-world assets.
This strategic funding not only demonstrates the foundation’s commitment to innovation but also paves the way for a transformative shift in how global trade operations are conducted.
The IOTA Ecosystem DLT Foundation has committed $10 million to fuel early-stage startups and ventures in TradeTech, TradeFi, and tokenization. The goal is to supercharge digital trade ecosystems across the Middle East, Africa, Europe, and beyond.
With the upcoming investments set to be unveiled in the coming weeks, the focus is on empowering newly founded tradetech ventures and accelerator programs that leverage the IOTA platform. This move is part of a robust strategy to catalyze the development and adoption of cutting-edge technologies in trade and finance.
The Trade Logistics Information Pipeline (TLIP) is a cornerstone of this new digital trade infrastructure. Initially developed by the IOTA Foundation alongside TradeMark Africa, TLIP’s consortium will be strengthened by the collaboration of the World Economic Forum, the Tony Blair Institute for Global Change, Trademark Africa, the Institute of Export and International Trade, and the Global Alliance for Trade Facilitation. This coalition aims to establish a neutral governance framework and elevate TLIP to a global, publicly accessible trade facilitation platform.
The IOTA Foundation’s investment strategy has a special focus on startups in the UAE and Africa. This decision is based on Africa’s potential to leapfrog into advanced digital trade practices, as demonstrated by the successful pilot of TLIP in Kenya. The digital transformation of trade processes could greatly enhance the competitiveness of African products on the global stage, create sustainable job opportunities, and improve living standards across the continent.
To kickstart this ambitious initiative, IOTA plans to launch a public grants program and accelerator programs in the UAE and Africa. These initiatives aim to support and empower entrepreneurs and innovators who are at the forefront of developing innovative trade solutions on both the IOTA and TLIP platforms.
The digitization of trade is expected to bring about significant changes in the global economic landscape. By automating and streamlining trade transactions, the industry could see a reduction in costs by 80%, a narrowing of the trade finance gap, a decrease in cross-border processing times from 25 days to just one, and a 35% increase in SME efficiency. These changes have the potential to enhance global trade efficiency and create unprecedented opportunities for businesses worldwide.
In the midst of this development, the price of IOTA has seen a 1.14% increase in the last 24 hours, reaching a price of $0.3009. This represents an 11.35% increase over the past 7 days.
Overall, IOTA’s $10 million investment is a significant step towards digitizing global trade and finance, with a focus on empowering startups and innovators in the UAE and Africa to create cutting-edge trade solutions. This initiative has the potential to revolutionize how global trade operations are conducted and unlock unprecedented opportunities for businesses worldwide.