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IOTA, the cryptocurrency for the IoT, receives a substantial investment from the Robert Bosch VC.
The Robert Bosch Venture Capital GmbH (RBVC) has made a significant investment in IOTA, according to sources close to both companies. This is the first investment in Distributed Ledger Technology for Robert Bosch VC.
IOTA, the cryptocurrency for the Internet of Things (IoT), has recently experienced explosive growth. The market cap of the IOTA cryptocurrency (MIOTA) grew 400 percent, reaching #4 among all cryptocurrencies after the company announced the launch of their Data Marketplace in late November.
In addition to the investment, RBVC Partner Dr. Hongquan Jiang will join the IOTA Foundation’s advisory board. Of particular interest to the RBVC group is IOTA’s “tangle” technology, which is a generalization of Blockchain protocol that lets machines on the IoT communicate and transact. Speaking about the recent investment, Dr. Jiang stated:
“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.”
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