IOTA foundation has signed a memorandum of understanding (MOU) with the Norway’s financial giant Den Norske Bank (DNB). Den Norske Bank is reportedly interested in the application of IOTA Tangle. IOTA Tangle is a third generation distribution ledger. The deal was in pursuit for quite some time.
The aim according to the press release is the development of new industries based on the business model of both the companies. The banking corporations around the world are trying to fuse and adopt the Blockchain technology to wider their applicability.
This can be counted as one of these attempts. The bank is trying to get a handle on the technology and to better understand it. This will surely help the bank staffers who are dealing with the customers on daily basis.
The staffers along with researchers can further figure out the application of the Blockchain technology. The research and its execution can be fast tracked if both entities are working on it simultaneously. This can prove a game changer for the banking infrastructure.
Lasse Maholm, the head of Den Norske Bank said that the technology is designed to handle hundreds of thousands of micro transactions per second. This create a perfect ecosystem for the banking corporations to operate in.
Maholm was adamant of not letting this go. He wants the banks to step up and exploit the transactional ecosystem arising out of cryptocurrency market.
Norway is considered a tough sell when it comes to crypto exchanges. A Norwegian crypto exchange already lost the case against its closing by Nordea bank. Bitmynt AS accounts were closed on the charges of suspicion on money laundering.
Given this deal reached between Den Norske Bank and IOTA foundation, the message can help often the relationship between banks and crypto market. At least that’s what the IOTA cofounder David Sønstebø is hoping for.
Given the highest market capitalization all across Scandinavia when come to banning sector, DNB’s deal will have a far reaching impact. The embrace of Blockchain and a softer stance towards digital ledgers may be in cards for the future.
