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IOTA (MIOTA) Steps Up the Competition: Norway’s Leading Bank Joins

The 9th largest cryptocurrency by market capitalization named IOTA [MIOTA], created by IOTA Foundation [nonprofit German-based organization], impacted the cryptoverse heavily with its debut in the top ten list of coin’s and giving birth to a new term of cryptos 3.0 in the community.

IOTA Network Tangle

Known as the “blockless – Limitless capacity” platform supported by the Tangle network, IOTA differs heavily from most cryptocurrencies that are out there. IOTA joined the crypto-world in 2015 with the work of David Sønstebø, Dominik Schiener, Dr. Serguei Popov and Sergey Ivancheglo who still are running the show in the most important parts of IOTA’s team.

Even that the cryptoverse is made mostly up by projects strongly supported on blockchain, IOTA introduced a coin that is not utilizing blockchain tech to function. Keeping in mind that blockchain networks similar to Bitcoin demand transaction fees to make users spamming the network step away, the fees could go very high [up to $0.50].

IOTA brought its solution of being zero-fees for transaction. For the system to function properly, there is no need for miners to complete transactions as the network is planned in that way that every time a new transaction is issued, it is confirmed by the next one as the present one confirms two prior itself being requested

IOTA Partnership – Leading Bank

In the terms of developing and exploring the Internet of Things, IOTA has recently partnered up with Norway’s biggest bank. The mentioned bank is called DNB ASA and it represents the largest banking service in Norway while it also represents one of the largest banks in the mentioned area.

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.

“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.” – Lasse Meholm, Head of Distributed Ledger Technology at DNB

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Cryptocurrency To be Present Strong in the Future – Head of Union Bank of the Philippines

Very bullish and supportive of blockchain technology and cryptocurrencies in general – the head of Union Bank of the Philippines Edwin Bautista, who commented that his financial institution is really looking into opening up for bitcoin and following-up cryptos acceptance.

During his interview for Cryptovest, when the lead of the bank was asked why the Union Bank is the only one in the country to support and be positive on cryptos, the president said – it is the future.

“We really do not know if cryptocurrency will replace fiat. No one knows for certain. But what if it would be? We have to keep an open mind about it. We cannot reject something just because we do not understand it,” Bautista said.

According to Mr. Bautista, his bank could become the first one in the country to fully adopt and welcome digital currency assets as forms of payments. Keeping in mind that the central bank – Bangko Sentral ng Philipinas [BSP] has not set virtual currencies under legal tender status, the president believes there will no problems with regulations.

“What the central bank is saying that any transactions involving cryptocurrencies are between the two parties. It’s like bartering. So, I don’t see any problem with that if we accept it as payment,” he said, going on to declare, “If anybody here pays me in Bitcoin, I will accept it.”

Edwin Bautista continued with revealing that the Union Bank is mining cryptos, but it is not that profitable after keeping salaries and electricity bills in mind.

“Like what everybody says, cryptocurrency is not for everyone. It’s speculative and risky but is capable of giving you high rewards. Invest only what you are ready to lose,”

Very similar to what our team says at the end of any crypto-trading related article – Trade safely and do not overtrade!