IOTA, with a market cap of more than $3.5 billion at press time, has been achieving milestone after milestone, which unfortunately get overshadowed by the more boastful cryptocurrencies such as Bitcoin, Ethereum and Ripple.
The cryptocurrency has garnered the interest of major German entities such as Volkswagen and Bosch, the former of which has its Chief Digital Officer serving as one of the board members of the IOTA Foundation, with the latter having invested its funds into the IOTA Foundation via its venture capital company segment, RBVC.
The IOTA Foundation spearheads the cryptocurrency’s development and currently has more than 300 million Euros in its reserves, which were donated by users and supporters. The Foundation currently has 50 people under its employment, who get paid in IOTA tokens for their efforts.
With these not so subtle achievements, IOTA has been on the rise and plans to expand globally from Berlin to other notable locations such as Tokyo, Toronto, and Oslo.
IOTA’s co-founder, Dominik Schiener, was also recently profiled by Bloomberg, where he mentioned why Germany had been a good start for the cryptocurrency with the aforementioned German giants becoming interested in its development.
“Here, we have the right ecosystem for cryptocurrencies.” Schiener stated.
With plans of global expansion going into effect soon and with large companies backing the cryptocurrency’s foundation, IOTA seems to be on the path for success. It remains to be seen how it could climb up the ladder of being just below the top 10 cryptocurrencies by market cap, and becomes one of the consistent players in the top 10 game.