In an announcement on May 31st, 2018, IOTA made the agreement to join the biggest bank in Norway – DNB ASA. The bank is interested in the distributed ledger that IOTA uses, which is called the Tangle. In their partnership, cryptocurrency integration is also a desired benefit.
Right now, DNB manages over NOK 1.9 trillion in assets, and focuses primarily on the global markets that impact corporate banking and investment banking. They offer many major banking services. However, much of the information that the Tangle can offer them is due to the way the technology benefits the Internet of Things (IoT). The open source ledger ensures that consumers will not have any fees for microtransactions, though consumers can get a full idea of the IOTA platform by visiting https://cryptoslate.com/iota/.
The head of the Distributed Ledger at DNB, Lasse Meholm, discussed the partnership in the statement.
“As Internet of Things (IoT) and Machine to Machine (M2M) communications and payment for microservices seem to escalate in the future, we think engaging in a Distributed Ledger based technology like IOTA gives us valuable experienc bnj0o9+-e and know-how on future revenue streams and business models. We are looking forward to dive into the IOTA space.”
If DNB ASA finds a way to use the Tangle technology to work in their favor, then this will mark a major innovation for the IOTA Foundation. IOTA also setup a partnership with the United nations to help them reduce their expenses with these types of transactions. Between these partnerships and the release of the Trinity wallet, IOTA is making major innovations that can help them innovate on multiple platforms across the cryptocurrency community.