IOTA Partners With Norway’s Largest Bank
IOTA announced a partnership with DNB ASA on May 31. DNB and IOTA will be working together in exploring ways to implement the new technologies and processes made possible IOTA’s “Tangle.”
DNB is the largest bank in Norway by market capitalization. They specialize in global markets, investment banking, and corporate banking. It is one of the world leaders in shipping, energy, and seafood industries.
The Head of Distributed Ledger Technology (DLT) at DNB commented on the partnership with great optimism:
- “As Internet of Things (IoT) and Machine to Machine (M2M) communication and payment for microservices seem to escalate in the future, we think engaging in a Distributed Ledger based technology like IOTA gives us valuable experience and know-how on future revenue streams and business models. We are looking forward to diving into the IOTA space[.]”
This partnership between IOTA and DNB is announced shortly after IOTA mentioned that they would be working with a key logistics firm for the United Nations. The partnership with the United Nations will also make use of IOTA’s Tangle technology in order to process global transactions and transparency.
Founder of IOTA Foundation, David Sønstebø, stated that:
- “Norway has always been a vanguard in adopting cutting-edge technological paradigm shifts that improve the efficiency of our society, I am very excited at the IOTA Foundation which is spearheading Distributed Ledger Technology and IoT payments working with Norway’s largest financial institution on carrying this tradition onwards.”
IOTA rallied upon the announcement of this partnership, currently boasting a 27% gain this week. However, IOTA has received some criticism in the past from former partners, especially for displaying discontent towards security researchers. This criticism ended up in the London College cutting ties with IOTA.