The IOTA project and coin have been having a good week in terms of partnerships and crypto-market performance. With respect to the former, IOTA (MIOTA) recently sealed a deal in the form of a partnership with Norway’s largest bank DNB ASA. With respect to market performance, IOTA has been on a constant rally since Tuesday, May 29th, and has since edged out Tron (TRX) from the number 9 spot on coinmarketcap.com.
The partnership announcement with DNB ASA was made on the 31st of May and includes both companies exploring ways to implement new technologies and processes with the IOTA Tangle being the centerpiece of the solutions. DNB, being the biggest bank in the country of Norway by market capitalization, deals in the traditional arenas of investment banking, corporate banking and international markets.
The Head of Distributed Ledger Technology at DNB, Lasse Meholm, had this to say about the partnership:
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 dive into the IOTA space.
Norway has always set an example in terms of technology adoption and using such technologies to enhance the lives of its citizens. This partnership shows just how committed the country is in embracing emerging blockchain technologies.
With respect to market performance and as earlier stated, IOTA has had an impressive rally from the 29th of May amidst news of another partnership with a key logistics firm linked to the United Nations. IOTA has risen from levels of $1.35 on Tuesday, to current levels of $1.93. This is a 43% increase in less than a week!
As a result, IOTA has edged out TRX from the number 9 position according to coinmarketcap.com. The difference in market capitalization between the two cryptocurrencies is now approximately $1.4 Billion. Tron seemed to have the momentum going and leading up to the MainNet launch on the 31st of May. But history repeated itself during the livestream by Justin Sun. The token dropped by 7.8% in 1 hour during the event.
In general, the crypto-market has regained much needed volume from the recent lows experienced on Tuesday, the 29th of May. All fingers are crossed that this uptrend will continue into the month of June.