- IOTA Foundation stated that safe custody of MIOTA tokens is of utmost importance
- This comes after the recent events of exchange hacks of Binance, Cryptopia, and others
- IOTA makes its move from retail to institutional investors
The IOTA Foundation is eyeing institutional money as it announced through a Medium post published May 14, 2019, that it has started to engage with regulated custody services and liquidity partners in a bid to provide safe and secure custodial services to institutional investors, and thus, in turn, bring more liquidity into the emerging ecosystem.
IOTA Determined to Procure the Big Money
IOTA, the German blockchain project that aims to foster a machine to machine (M2M) and Internet of Things-based (IoT) economy has taken the first steps towards procuring institutional money.
In its quest to help multinational organizations and institutions to use the MIOTA token seamlessly, the IOTA Foundation is giving attention to the security and custody of these digital tokens. In its blog post, the IOTA Foundation notes the importance of a regulated mechanism to store and exchange MIOTA tokens.
This concern only makes sense given the increasing number of entities which have expressed their desire to enter the IOTA ecosystem.
One of the most significant partnerships picked by IOTA is the recent integration with Jaguar’s automobiles. The British automobiles giant, owned by India’s Tata Industries, revealed a plan to pay drivers in MIOTA cryptocurrency for sharing relevant road data such as traffic congestion.
Further, there have also been reports of Ford Germany showing their interest in the project. As reported by Blockchain Reporter on May 8, Ford Germany visited the IOTA Industrial Lab Aaachen (IILA) to discuss a proof of concept. While not much is known about the reported POC talks, the involvement of Ford is nothing short of another milestone in IOTA’s journey.
The Tangle-based project also partnered with startup EVRYTHING on supply chain management.
In their blog post, IOTA mentions the following enterprises that could use custody services for MIOTA tokens:
- Businesses integrating the IOTA Token into their products and services.
- Institutional investors interested in IOT and DLT technologies.
- Financial Institutions interested in using IOTA.
- Smart Cities leveraging IOTA and/or the IOTA Token.
- Businesses that will provide liquidity for products and services leveraging the IOTA Token.
- Community members that wish to hold their IOTA with a regulated custodian.
To read more about the latest happenings in the IOTA ecosystem, check out Blockchain Reporter’s IOTA Week in Review here.
