DNB, Norway’s Largest Bank, Breaks the Ice with IOTA Tangle Tech

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DNB, Norway's Largest Bank, Breaks the Ice with IOTA Tangle Tech

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Den Norske Bank (DNB), Norway’s largest financial services group, and the IOTA Foundation (IOTA) have signed a memorandum of understanding (MOU) of partnership, according to a press release on 31 May, writes Cointelegraph.

This is the second of such announcements by IOTA recently in which applications of the IOTA Tangle, a “third-generation” distributed ledger technology (DLT) have been planned to be utilized to enhance existing systems. Last month, the United Nations Office for Project Services (UNOPS) announced a similar collaboration with IOTA to examine the feasibility of DLT streamlining its operations.

The press release suggests that DNB and IOTA will combine to find new business models to better understand DLT technology to support the bank to work with its clientele, offering them opportunities to use the tech to their advantage. Less Meholm, Den Norske Bank head of DLT, added:

“Among other things, the Tangle technology is designed to handle hundreds of thousands of microtransactions per second. We will not let go of the market associated with this ecosystem that arises around these transactions.”

David Sønstebø, an IOTA founder, feels that the collaboration between his company and the bank may improve current relationships between Norwegian banks and the crypto industry, commenting, “I hope and believe it. The IOTA Foundation will contribute to separating useless crypto-projects from the serious ones.”

Earlier this month, a Norwegian crypto exchange Bitmynt lost its case against Nordea Bank for closing its account, due to over concerns of inadequate anti-money laundering mechanisms. Last month, Bitcoin News reported an official document was released by Norway’s central bank (Norge bank) announcing intentions of launching its own cryptocurrency. However, the bank was quick to point out that a central bank digital currency wouldn’t interfere with customers normal banking requirements, as long as demand continues to exist for cash.

DNB also has several ongoing projects including Ethereum, Hyperledger and EOS, and has been researching blockchain tech through the R3 consortium.

 

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