Norway’s Largest Bank wants to explore IOTA applications

Norway’s Largest Bank wants to explore IOTA applications

DNB ASA (Den Norske Bank), Norway’s largest financial bank, and the IOTA Foundation signed a Memorandum of Understanding (MOU).

According to this cooperation agreement, the organizations will collaborate to explore applications of the IOTA Tangle, which is a “third-generation” distributed ledger (DLT).

The two parties will work together to find new business styles across their respective industries.

Lasse Meholm, DNB’s Head of Blockchain & DLT Strategy, stated:

“We have talked to Iota for two to three months now, and think technology is very exciting, and that the foundation has a Norwegian connection is also fun.”

The primary aim of the project is to better understand the technology but not just the IT department will work on it. The employees at the bank can also find opportunities for new use cases.

Meholm further added:

“The technological innovation is designed to manage hundreds of countless numbers of microtransactions per second. We will not enable go of the current market connected with this ecosystem that arises all-around these transactions.”

The bank understood that the Internet of Things and Machine to Machine micropayments are going to be the future of the financial services industry. The partnership with IOTA foundation gives the bank important experience and innovation.

The digital token, MIOTA, currently trades at $1.94 and is the ninth most valuable cryptocurrency by market capitalization.

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