In recent time, there had been an adoption of some cryptocurrencies by major banks around the world. Ripple Lab the owner of XRP cryptocurrency had been able to enjoy partnership with at least 75 banks with Bank of England, U.K’s central bank and Saudi Arabia central bank in the number, as well as the biggest bank in spain Banco Santander among the number of banks that are using the distributed ledger technology(blockchain) that they developed.
Also, stellar lumen(XLM) was able to penetrate at least 30 banks through its partnership with IBM, even though it was said that the names of the banks is still confidential.
However, the announcement that IOTA has partnered with DNB ASA, Norways biggest bank is a big plus to them for the following reasons:
1) It has a bigger market capitalization than the number one cryptocurrency
2) There will be a share in technology
3) It gives them to opportunity to be exposed to higher trading for ethereum and EOS
It has a bigger market capitalization than the number one cryptocurrency
In this era of cryptocurrency and blockchain technology development, it had been seen that one of the instruments that could be used in sustaining cryptocurrency projects is presence of fund. DNB ASA,Norway’s largest bank has a strong market capitalization of $238.
This is above the market capitalization of bitcoin(BTC) and more than 50% of the entire market capitalization of the entire market. IOTA has now opportunity to use the fund that will be generated in moving other areas of internet of things that it had been criticized of not moving into.
There will be a share in technology
Another reason why IOTA will enjoy this partnership and improve the value of its cryptocurrency MIOTA, is because DNB ASA has been in front of developing and investing with new technologies as seen in their use of R3 consortium technology.
It gives them to opportunity to be exposed to higher trading for ethereum and EOS
DNB ASA, Norway’s largest bank has ongoing projects with ethereum and EOS. This will offer IOTA the chance to improve in trading volume, as the price has risen by more than 10% after the announcement.
Future of IOTA
IOTA should be expected to improve in price since other banks with the Nordic region could start to use its DLT in their banking operations.