IOTA and the largest Bank of Norway signed a Memorandum of understanding

IOTA and the largest Bank of Norway signed a Memorandum of understanding

DNB ASA (Den Norske Bank), the largest group of financial companies in Norway, and the Fund IOTA (IOTA) has signed a Memorandum of understanding (MOU). As reported to DNB and IOTA are planning to cooperate in the framework of exploring possibilities IOTA Tangle.

The company hopes to find new business models in their respective industries. Lasse Makholm, head of DLT at DNB, said that the way they want to achieve a better understanding of the technology and identify opportunities for its effective application. Maholm added:

Among other things, the technology is designed to handle hundreds of thousands of microtransactions a second. We don’t want to lose the market associated with this ecosystem.

One of the founders of IOTA, David Sonsteby said that this partnership will soften the attitude of the Norwegian banks to the cryptocurrency industry:

I hope and believe in it. Fund IOTA will facilitate the identification of useless cryptoprocta.

Recall that last month one of the cryptocurrency exchanges Norway proigrla in court one of norwegisch banks, which stopped its service citing inadequate measures to ensure the KYC procedure.

DNB ASA, Norway’s largest Bank and one of the largest in the Nordic countries by market capitalization (238 billion U.S. dollars), has previously worked with blockchain technology through a consortium of R3. According to local sources (E24), DNB is also working on several projects based on technologies such as Ethereum, and Hyperledger EOS.

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