DNB and the IOTA Foundation [IOTA] signed a Memorandum of Understanding coming into effect immediately. The two gatherings will team up on investigating the new advanced development scene, which is influenced by the IOTA Tangle innovation.

Keeping in mind the end goal to drive the future economy of interconnected and self-sufficient gadgets, the IOTA Founders built IOTA and the Tangle. This innovation now has been backed by one of the strongest financial institutions.

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IOTA tweeted:

“The IOTA Foundation and Norway’s biggest bank DNB teams up to explore the potential of Economy of Things and myData …

Udo Pasch, a Twitterati commented:

“Very promising step forward for #IOTA. Thx to all Members of the Foundation for their hard work and ongoing progress 👌

DNB ASA is Norway’s biggest budgetary administrations institution and one of the biggest in the Nordic area according to the market capitalization. DNB, which has been investigating blockchain and appropriated record advancements [DLT] by means of the R3 consortium, is currently teaming up with IOTA Foundation to investigate the IOTA Tangle, an open-source permissionless circulated record innovation past Blockchain.

David Sønstebø, the founder of IOTA Foundation says:

“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.”

Lasse Meholm, Head of DLT at DNB trusts that Internet of Things [IoT] and Machine to Machine [M2M] correspondence and installment for microservices have potential outcomes of raising later on. The team of DNB believes that taking part in a Distributed Ledger based innovation like IOTA gives DNB important experience and learning on future income streams and plans of action.

Internet of Things has now escalated to Economy of Things. At the time of writing, IOTA is trading at the price of $1.73, with the market cap of $4.8 billion. IOTA has seen a rise of 8.31% in the past 24 hours and has turned its weekly chart green by being traded 16.87% higher.

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