IOTA Revolutionizes Trade Finance with KYC Use Case at UAE Sandbox

• IOTA Foundation has been selected for the TradeTech Regulatory Sandbox, a collaboration between the World Economic Forum, UAE Ministry of Economy, and ADDED.
• IOTA announced the launch of IOTA Rebased, placing it among the few Layer 1 blockchains supporting the Move programming language.

IOTA Foundation was selected to be part of the well-known TradeTech Regulatory Sandbox jointly organized by the World Economic Forum, the UAE Ministry of Economy, and the Abu Dhabi Department of Economic Development (ADDED). The initiative focuses on several key use cases within trade finance involving Know Your Customer (KYC) processes and digital identity.

🌐 #IOTA is part of the selected organizations for the TradeTech Regulatory Sandbox, hosted by the @wef, the Ministry Of Economy, UAE and Abu Dhabi Department of Economic Development (ADDED) 🇦🇪! We are excited to participate in a used case focusing on KYC and Digital Identity…

— IOTA (@iota) January 27, 2025

IOTA Foundation Makes Major Breakthrough In UAE

The foundation announced its participation on X: “IOTA is part of the selected organizations for the TradeTech Regulatory Sandbox… We are excited to participate in a use case focusing on KYC and Digital Identity for Trade Finance.” The results of this project will be presented during a plenary session at the TradeTech Forum 2025 in Abu Dhabi, scheduled for April 8. Registration for the forum is now open.”

For context, the TradeTech Forum 2025 will gather industry leaders from across the globe who are shaping trade, technology, and investment sectors. Based on its previous successful events, it will include discussions of innovative advancements in trade, networking sessions, and exclusive insights from industry leaders.

However, despite this achievement, the IOTA token price slumped over 10% today as the crypto market stayed volatile. As of writing, the IOTA price crashed 10.80% to $0.2956 on Monday, January 27, 2025. Furthermore, the market cap also dropped to $1.06 billion. Nonetheless, the market interest for the IOTA token remains as the trading volume soared 113.62% to $68.91 million in the last 24 hours. This could hint at an impending recovery once the market stabilizes.

A Look At IOTA Rebased Mainnet Launch

Amid these developments in the IOTA ecosystem, the organization announced the launch of IOTA Rebased, as highlighted in our previous article. This places IOTA among only three production Layer 1 blockchain natively supporting the Move programming language. According to Dominik Schiener, a co-founder at the IOTA Foundation, “Remember what is coming. IOTA will be the third production L1 that natively supports Move,” via X.

After the community passed the IOTA Rebased protocol update in December 2024, the foundation launched two different testing environments: the Public Testnet and the DevNet. The frameworks are there to ensure stability, security, and functionality before the Rebased protocol is released to the mainnet.

The Public Testnet is designed for continuous application testing and protocol upgrades. Unlike earlier versions, this environment operates without periodic resets, supporting long-term testing and staging upgrades before deployment. Users can explore the network through the updated IOTA Explorer, request tokens via a faucet, and access the IOTA Wallet browser extension.

In contrast, the DevNet is a controlled experimental platform that is used to test new protocol features under development. Periodic resets ensure the network accommodates upgrades without hassles. Developers can test changes using data from the IOTA mainnet ledger.

Both testing environments are now live, encouraging developers, validators, and users to interact with the Rebased protocol. They are welcome to give feedback as the foundation gears up for mainnet launch.

Source