IOTA registered a representative office in Abu Dhabi in November 2023. It is now starting to recruit new staff and formulate its work program. Head of the foundation Dominik Schiener is spreading optimism, but IOTA’s price curve is pointing downwards.
When IOTA announced the establishment of an office in Abu Dhabi around two months ago, the price curve of the controversial altcoin briefly shot up. After all, the new representative office in the United Arab Emirates was to be well-funded with 100 million US dollars and ensure expansion. However, IOTA has since fallen back to price levels of around 0.22 US dollars. Nevertheless, the head of the foundation, Dominik Schiener, remains optimistic and provides insights into his plans for 2024.
Accordingly, IOTA is currently looking for two new employees for advertising and growth, and two colleagues in the department are already being recruited. Schiener’s statements to this effect are published on X. With the new staff, the aim is to make IOTA better known in Africa and the Arab region. According to Schiener, almost a dozen concrete plans are being prepared at which IOTA intends to present its technology. But commentators point out the problem: Once again, Schiener remains very vague and owes details.
For example, Schiener also writes that the composition of the Executive Board has now been determined. He had already promised prominent figures for IOTA in November 2023 – but names are still not known. Basically, Schiener’s water level report on the office in Abu Dhabi seems like a series of nice ideas, but a closer look reveals a lack of substance. The crypto year 2023 had already caused a major loss of confidence in IOTA and revealed a huge need for further technological development. Experts and investors are waiting for a decentralized IOTA 2.0, which will initially be tested in the side project Shimmer (SMR).
Conclusion: IOTA and Shimmer with a false start to the crypto year 2024
Shimmer is trading lower this January than ever before in its history and IOTA is currently around 95% away from its previous all-time highs. The IOTA ecosystem has become a marginal note on the international crypto markets, and the head of the Schiener Foundation bears responsibility for this. His permanent optimism is sliding into the grotesque because he fails to recognize the competitive situation. Increasing the number of employees for the external presentation of IOTA and Shimmer in Abu Dhabi may cover up the problems, but it won’t solve them.