IOTA Foundation and Den Norske Bank (DNB), the largest group of financial service providers of Norway, signed a Memorandum of understanding. The company will work on new ways to use distributed registry IOTA Tangle in the areas of “economy of things” (economy of things, EoT) and the ethical handling of user data.

The head of Department DLT-development of Maholm DNB Lasse (Lasse Meholm) stressed that the main goal of the project is to deepen understanding of the technology and the search for new solutions and methods of using the registry to work with clients. He added:

“In addition, this technology is capable of conducting hundreds of thousands of microtransactions a second. We are not going to lose the market associated with the ecosystem based on these transactions.”

The founder of the IOTA Foundation the David Senstive (David Sønstebø) expressed hope that this cooperation helps to soften the attitude of the Norwegian banks to the cryptocurrency industry:

“I believe and hope so. IOTA Foundation intends to ensure that industry projects are useless not mixed with the serious.”

To do this, DNB has conducted research for blockchain projects as consortium member R3. As writes local online publication E24, at the moment the Bank is engaged in several initiatives related to Ethereum, and Hyperledger EOS.

The legal field in Norway, in General, loyal to the blockchain industry, however, quite tightly controls the cryptocurrency sector. So, in early may, the cryptocurrency exchange AS Bitmynt lost the case against Nordea Bank about closing the account: the court sided with Nordea, because of poor anti-money laundering mechanisms. At the same time, in March BitFury Group has received the full support of the government in opening a new data center for mining in the Northern part of Norway.