IOTA is currently the 9th largest cryptocurrency in terms of market capitalization with market cap of $6.7 billion, trading at $2.42 as of today.
However, the price is now going up because IOTA announced a new partnership with the luxurious car producer Porsche. The 19% jump became evident after Porsche chose IOTA for a new project, Startup Autobahn’s Project 4.
Created as the very first open-source distributed ledger for the Internet of Things with no fees for microtransactions, IOTA will work with Porsche Design Labs to open many new opportunities for tech startups. The so called Program 4 project was supported by Startup Autobahn.
The news came public after IOTA shared it through Twitter stating:
“The @StartupAutobahn picked #IOTA among other tech startups to work on an innovation platform for #SmartMobility. #StartupAutobahn was founded by @Daimler, @PlugandPlayTC, @Uni_Stuttgart, and @arena2036. #IoT #AutonomousVehicles@DomSchiener @DavidSonstebo https://t.co/F6pdcGjqcd pic.twitter.com/oF7vOj2yGh”
IOTA News added that Porsche Labs are really excited to start working with IOTA, since the German-based startup, Autobahn, unites the best of both worlds: the tech savvy of Silicon Valley and art of German engineering power.
Interestingly enough, Autobahn was actually created by Daimler Corporation, the creator of Mercedenz Benz. The promising startup that is expected to attract further attention from investors, focuses entirely on mobility projects centered around technology.
Upon the news coming to the general public, the price of IOTA rose as high as $2.58, and then subsided to $2.42.
Because of its advantages when it comes to IoT developments, IOTA has been the top choice of many companies to work with, especially those in the automobile industry. Previously, IOTA partnered with Volkswagen for a project on smart vehicles and technologies.