IOTA Partners with Norway’s Biggest Bank for DLT Implementation

iota norway bank

The IOTA Foundation has announced a partnership with Norway’s largest bank, Den Norske Bank. Together they will explore ways to implement IOTA’s unique “Tangle” distributed ledger technology.

DNB is the largest bank in Norway by market cap, offering a variety of financial services across global markets and being the global leader in banking across key industries like shipping, energy, and more. DNB has previously experimented with other blockchain-based technologies, including EOS, Hyperledger, and Ethereum. Now it’s IOTA’s third-generation DLT technology at the center of their blockchain research.

A press release on the partnership says the two entities will work together to discover new business models across their respective industries. In a statement, Lasse Meholm, Head of Distributed Ledger Technology at DNB explained:

“As the 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.”

David Sonstebo, Founder of IOTA Foundation added:

“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 has been on a roll over the past month, with the IOTA Foundation also partnering with the United Nations to improve the global firm’s transparency and efficiency. News of the two partnerships has caused IOTA’s price to increase from a May low of $1.36, to a peak of $1.94, according to data from CoinMarketCap.