Few cryptos have had a better month than IOTA so far, with the group’s market cap soaring to new heights and establishing itself as one of the largest in the world. With IOTA gaining traction in the industry, its tokens have gotten the attention of leading investors.
The IOTA Foundation is an open-source non-profit foundation from Germany. The project has seen one of its largest endorsements to date with the Robert Bosch Venture Capital GmbH (RBVC) group, the corporate venture capital company of the Bosch Group purchasing a large amount of IOTA tokens.
The move follows on the heels of the deployment of IOTA’s data marketplace, which has already succeeded in garnering the focus and participation of upwards of thirty venues. In tandem, Hongquan Jiang, Partner at RBVC, will also be joining the IOTA Foundation on its advisory board.
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Hongquan Jiang commented on the move and joining the project: “We have been working with the IOTA team for more than one year. I’m very excited about IOTA’s innovative tangle technology, which could potentially become the standard underlying technology for trustless machine to machine communication, security and payment in the IoT space.”
“There will be much synergy between Bosch and the IOTA Foundation, and I’m looking forward to seeing more industrial adoptions of this technology in the near future,” he added. The two groups have been in contact since 2015 and have worked together on multiple fronts, including the Trusted IoT Alliance (TIOTA) and other projects.
RBVC’s purchase of IOTA tokens signals a broadening partnership with IOTA in a bid to help propagate its technology and integrate it within Bosch’s global ecosystem. More specifically, the group’s investment helps underlie a potential for new business models for internet-of-things (IoT) across any number of verticals. This accord also uniquely positions IOTA and Bosch to collectively take on the challenges of IoT.
IOTA’s technology is unique in its scope, given its trajectory beyond blockchain. The technology enables machines to securely transact data and money with each other, representing a game changer for IoT applications.
“Distributed ledger technology will play an important role in the industry of tomorrow. Bosch is one of the pioneers actively driving the adoption of DLT in the automotive and IoT industry. The investment in IOTA’s token, the first ever token investment of RBVC, will help us work closely with the IOTA Foundation to explore the industrialization of this exciting technology,” explained said Ingo Ramesohl, Managing Director at RBVC.