Germany-based blockchain firm IOTA is on its way to institutional adoption. The EU Blockchain Forum, one of the most important Blockchain organizations in Germany, recognized the IOTA Foundation. Under the influence of the news, the altcoin price rose.
Altcoin price soars as IOTA gets the recognition it deserves
The blockchain scene has welcomed several companies as it sees expansion, each providing unique offerings and key selling points. Germany-based blockchain firm IOTA offers distributed ledger solutions for the Internet of Things (IoT).
IOTA leverages a directed acyclic graph (DAG) for ledger transaction storage. Therefore, the way it works is slightly different from traditional Blockchain applications. The Germany-based blockchain startup is getting the recognition it deserves from the EU Blockchain Forum. IOTA welcomed the honorable mention. The altcoin project posted the following on its Twitter account, with a link to the EU Blockchain Forum report:
We are happy to see the IOTA Foundation mentioned by EU Blockchain as one of the 10 key Blockchain companies in Germany.
Due to the news, the altcoin price increased. At press time, MIOTA was up 3.32% to $0.2528.
IOTA has made it into the top 10 of the EU Blockchain Forum
The latest report from the EU Blockchain Observatory and Forum looks at the state of the blockchain ecosystem within the European Union. The report talks about new issues facing the blockchain scene. It also assesses the growth of the industry in every country within the EU bloc, including Germany. As part of its report on Germany, the EU Blockchain Forum highlights ten key Blockchain organizations that have made a significant mark on the industry in the country.
Among the other nine German companies was IOTA. The EU Blockchain Forum has acknowledged that more than 343 Blockchain organizations are based in the Central European country of Germany. But ten highlights stand out, including IOTA. Nine other major blockchain firms based in Germany include BitsCrunch, peaq, BigchainDB, Nuri, Energy Web Foundation, Finoa, Chainflip, Aragon, and Unstoppable Finance.
Meanwhile, the report highlights the evolving state of the German blockchain space, along with pointing out these key companies. According to the report, the blockchain company in Germany includes around 150,000 observers, which is 0.2% of the country’s population.
IOTA has a respectable place in the Blockchain scene
Founded in 2017, the IOTA Foundation is a non-profit organization that developed the IOTA protocol. The foundation aims to provide high-end communication and payment services between machines in the Internet of Things. The project has a largely unique mode of operation. It has also earned a respectable place on the global Blockchain scene due to its notable growth spurts.
Last year, the European Blockchain Services Infrastructure (EBSI) selected IOTA as one of seven organizations to facilitate European blockchain initiatives in the early stages. Moreover cryptocoin.com As we reported, in August last year, the German Federal Ministry of Economy and Energy selected IOTA’s Tangle network as the core technology behind the SUSEE project.
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