IOTA Partners With DNB Bank, Norway’s Biggest Financial Group

IOTA Partners With DNB Bank

IOTA Foundation has announced one more major partnership. Norway’s DNB Bank has signed a Memorandum of Understanding with the IOTA Foundation. Companies will study together the possibilities of using IOTA Tangle technology for its application in new banking products.
According to Lasse Meholm, Head of DLT at DNB, one of the goals of the project is to study technology and provide opportunities for bank employees who work with clients to develop new business processes.

He added:
“Among other things, the technology is designed to handle hundreds of thousands of microtransactions per second. We will not let go of the market associated with this ecosystem that arises around these transactions.”

One of the founders of IOTA David Sonstebo hopes that the fact that IOTA partners with DNB Bank, will help to soften the attitude of Norwegian banks to the crypto industry:
“I hope and believe it. The IOTA Foundation will contribute to separating useless crypto-projects from the serious ones.”


Against the background of this news, the price of the digital currency IOTA continued its growth. So, for the last day it increased by 5%. Currently, this IOTA is ranked ninth in the CoinMarketCap rating, and its market cap exceeds $ 5 billion.

We note, that DNB ASA, with a capitalization of about $ 238 billion, has already explored the possibilities of blockchain. The company has partnered with the blockchain consortiums R3 and Hyperledger, as well as projects Ethereum and EOS.

Financial companies around the world are studying and implementing blockchain technology. The Central Bank of Canada, the operator of the Toronto Exchange TMX Group and the non-profit organization Payments Canada recently completed testing of the decentralized settlement system for securities. American holding JP Morgan Chase & Co. filed a patent for blockchain-powered payments
The application proposes to use a distributed register for processing payments in real time, without binding to a third party.

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