IOTA digital tokens will fund the investment.
The foundation will be seeded with over $100 million in IOTA tokens, to be vested over the next four years, Schiener said.
IOTA tokens on Tuesday traded at about $0.17, with a market capitalization of roughly $524 million, Coinmarketcap.com showed.
The funds will be used to develop the IOTA network and accelerate its growth, Schiener said.
IOTA will also start "tokenizing" assets, he said, a process in which ownership rights in land or buildings are represented as digital tokens and stored on a blockchain.
Persons:
Satoshi bitcoin, Arnd, Dominik Schiener, Binance, Schiener, Hamad Sayah Al Mazrouei, Gertrude Chavez, Dreyfuss, Alden Bentley, Richard Chang
Organizations:
Swiss, Bity, REUTERS, IOTA, Wednesday, Abu Dhabi Global, United Arab, Registration, ADGM, Thomson
Locations:
Zurich, Switzerland, Abu Dhabi, United Arab Emirates, UAE, Europe, Germany