Cryptocurrency IOTA's price is on a surge after the company behind it announced last week that it has partnered with big tech companies, including Microsoft, on its Data Marketplace.
IOTA, which was valued at just $0.37 one month ago, now reached around $3.15, with a market cap of around $9 billion. It is now the fifth-largest digital asset by market capitalization, and is expected to change positions soon.
On November 28, IOTA Foundation, a non-profit organization located in Germany that supervises the virtual currency, unveiled the Data Marketplace, a solution built to help monetize data, which is considered as the "oil" of the Internet of Things economy.
IOTA, with the tagline "Next Generation Blockchain," is not reliant on an underlying blockchain network. Instead, it uses an alternative, distributive ledger system called Tangle.
In its Data Marketplace, IOTA has partnered with many corporate majors, including Microsoft, Accenture and others to develop a blockchain solution tied to the IOT. The German startup has also tie-up with Cisco, Volkswagen and Samsung around its Data Marketplace.
The demo for Data Marketplace pilot project, which aims to decentralize global data flows, is expected to run for two months.
In a statement published on the IOTA Foundation website, Microsoft's Omkar Naik said, "We are excited to partner with IOTA foundation and proud to be associated with its new data marketplace initiative. This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers."
The highly positive momentum is expected to push the IOTA price higher.
by RTT Staff Writer
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