DNB ASA (Den Norske Bank), Norway’s largest financial services group, and the IOTA Foundation (IOTA) have signed a memorandum of understanding (MOU), according to a press release May 31. DNB and IOTA will now reportedly cooperate to explore applications of the IOTA Tangle, a “third-generation” distributed ledger (DLT).
According to the press release, the two parties will work together to find new business models across their respective industries. Lasse Meholm, Head of DLT at DNB, said that one goal of the project is better understand the technology and to let those at the bank who work with clients find opportunities for new use cases. Meholm added: