IOTA has taken a significant step towards digitizing global trade and finance with a massive investment of over $10 million. This funding, provided by the IOTA Ecosystem DLT Foundation based in the United Arab Emirates, is dedicated to supporting startups, ventures, pilots, and the infrastructure needed to revolutionize TradeTech, Trade Finance, and the Tokenization of real-world assets.
The main focus of this initiative is to empower startups and innovators in the UAE and Africa, enabling them to create cutting-edge trade solutions. This investment not only demonstrates the foundation’s commitment to innovation but also sets the stage for a transformative shift in how global trade operations are conducted.
The announcement of this investment highlights the foundation’s dedication to fostering innovation in TradeTech. In the coming weeks, the first set of investments will be unveiled, focusing on empowering newly founded tradetech ventures and accelerator programs that leverage the IOTA platform. The goal is to catalyze the development and adoption of advanced technologies in trade and finance.
A significant component of this new digital trade infrastructure is the Trade Logistics Information Pipeline (TLIP), which emerged from a collaborative agreement at the WTO MC13 event. TLIP, initially developed by the IOTA Foundation and TradeMark Africa, will be strengthened by the efforts of various organizations, including the World Economic Forum and the Tony Blair Institute for Global Change. The aim is to establish TLIP as a global trade facilitation platform with a neutral governance framework.
The IOTA Foundation’s investment strategy places a special emphasis on startups in the UAE and Africa, recognizing the continent’s potential to adopt advanced digital trade practices. The successful pilot of TLIP in Kenya exemplifies this potential, as the digitization of trade processes from grassroots to international transshipment points can greatly enhance the competitiveness of African products on the global stage and create sustainable job opportunities.
To kickstart this ambitious initiative, IOTA plans to launch a public grants program and accelerator programs in the UAE and Africa. These programs will support and empower entrepreneurs and innovators at the forefront of developing novel 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 substantial reduction in costs, a narrowing of the trade finance gap, faster cross-border processing times, and increased efficiency for small and medium-sized enterprises. These changes have the potential to enhance global trade efficiency and unlock unprecedented opportunities for businesses worldwide.
In the midst of these developments, the price of IOTA has experienced a 1.14% increase in the last 24 hours, reaching a price of $0.3009. Over the past 7 days, the price has increased by 11.35%.
Overall, this investment by IOTA marks a significant milestone in the digitization of global trade and finance, empowering startups and innovators to create cutting-edge trade solutions and driving the adoption of advanced technologies in trade and finance.
