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IOTA saw a massive price spike in Wednesday's trading session, jumping from lows of $0.172 to highs of $0.289 in an instant.
The rapid price increase occurred after IOTA announced that it was the first DLT foundation to be regulated by the Abu Dhabi Global Market (ADGM). To support and accelerate the expansion of the IOTA ecosystem, the new IOTA Foundation will be seeded with over $100 million in IOTA tokens.
In September of this year, IOTA announced plans to establish a new foundation in Abu Dhabi, United Arab Emirates, to further its global expansion. This historic achievement places IOTA at the vanguard of digital and real-world convergence in the financial sector, both in the MENA region and globally.
That said, the IOTA price gains were sustained in early Thursday trading, and at the time of writing, IOTA was up 35.25% in the last 24 hours to $0.238. IOTA was likewise sustaining its surge in trading volumes.
According to CoinMarketCap data, IOTA has experienced a massive 11,851% volume spike in the last 24 hours, representing $833,243,800 worth of trading within this period.
Matching the positivity surrounding the ecosystem, IOTA has also gained a new futures listing on the British Virgin Islands-based crypto exchange, LBANK, which announced that IOTA perpetual contracts with up to 20x leverage are now live.
In the past week, IOTA announced that users could now explore IOTA Identity 1.0 on IOTA and Shimmer.
IOTA Identity 1.0 lays the foundation for ambitious identity solutions for individuals, organizations and objects.
With the Stardust protocol upgrade, NFTs can now be minted and transferred on Layer 1 through dedicated NFT outputs, and DIDs can help prove the identity of the NFT issuer. Smart contract chains can be provably linked to identities using IOTA Identity.