IOTA has been selected by GAIA-X consortium which aims to introduce next-generation European data infrastructure for the continent and beyond.
The development follows the IOTA Foundation’s successful registration in Germany, one of the toughest jurisdictions in the world.
IOTA has in the last few days celebrated a number of major developments that are set to propel its popularity. The most recent development is the project’s joint proposal being selected by GAIA-X. The GAIA-X consortium aims to introduce an open digital ecosystem with a focus on cloud computing, data infrastructure, digital sovereignty, and domain services. Although the information on the partnership is still scarce, it is clear that the new Gaia-X venture will expose IOTA to a wider market with the consortium taking focus on European companies and businesses to offer next-generation tech in Europe and beyond.
We’re thrilled that a joint project proposal was selected by #GAIAX consortium, the European vision of a federated and safe cloud infrastructure.
— IOTA (@iota) June 30, 2021
Blockchain technology will be key in developing a secure and decentralized data infrastructure. By joining the consortium, IOTA will work with major companies and institutions including Software AG, a German software company with over 10,000 enterprise customers in over 70 countries.
The recent announcement follows another major development in which the team revealed it is now registered in Germany. The European country is one of the toughest jurisdictions in the world and the registration is viewed as an endorsement of the project plans and ‘health’. Furthermore, it now subjects the project to scrutiny (audit) to the German government.
— IOTA (@iota) June 29, 2021
The registration also puts IOTA on the map, welcoming major German and the wider European region partners who will be more confident knowing that the project has fulfilled or regulatory requirements.
IOTA price update
IOTA’s native token MIOTA has in the last 24 hours been swept by the wider market trend. At the time of press, the token has wiped out more than 6 percent to slip back in the $0.81 support. Despite the drop, the digital asset is clinging on to its weekly gains according to our data.
With an all time high of just under $6 set around 4 years ago, investors still expect prices to stage a full turnaround in the coming months to recover the more than 80 percent price fall.