BOSCH Invests In IOTA, Buys Significant Amount Of IOTA Tokens

by | Dec 20, 2017 | Cryptocurrency, Cryptocurrency News | 0 comments

Venture Capital Wing Of Bosch Invests In Distributed Ledger Technology In Collaboration With IOTA

A lion’s share of IOTA tokens has been purchased by Robert Bosch Venture Capital GmbH (RBVC). This corporate venture capital company of the Bosch Group seeks to intensify its collaboration along with an open-source non-profit foundation from Germany, IOTA Foundation through this investment in Sixth largest cryptocurrency, in terms of market cap, as of publishing this article.

The price of IOTA at the time of publishing this article was $5 with a market cap of $1,088,350,000.

Bosch, one of the flagbearers of Distributed Ledger Technology in the Internet of Things and automotive industry hopes to carry out technological strides with this strategic move which shall level up RBVC at par with the key partners and global ecosystem of Bosch.

Dr. Ingo Ramesohl, the Managing Director at RBVC feels that, “Distributed ledger technology will play an important role in the industry of tomorrow. Bosch is one of the pioneers actively driving the adoption of distributed ledger technology in the automotive and Internet of Things (IoT) industry. The investment in IOTA’s token, the first ever token investment of RBVC, will help us working closely with the IOTA Foundation to explore the industrialization of this exciting technology.”

The investment of RBVC broadens the scope of new business models belonging to IoT in various verticals and also uniquely positions both Bosch and IOTA to accept the challenges thrown by IoT in unison. The advisory board of IOTA Foundation will very soon be adorned by Dr. Hongquan Jiang, Partner at RBVC. This investment has taken shape in the aftermath of the successful launch of IOTA’s data marketplace wherein more than 30 leading companies have participated.

Also Read: IOTA Collaborates With Volkswagen AG, Samsung Group and Cisco To Bring Changes Into Data Marketplace

IOTA is the very first distributed ledger technology which has travelled beyond the boundaries of Blockchain and have enabled machines to enter into secure money and data transactions with each other. This is considered to be the first step into new and innovative business models and IoT based applications such as energy or industry 4.0 and mobility. More than 10 billion dollars have already been transacted and utilized for use cases courtesy the IOTA technology including secure over-the-air updates, transparent value chains and feeless micropayment-based electric vehicle parking or charging.

Experts Hint At A Possible Synergy Between IOTA & Bosch

Dr. Hongquan Jiang. says:

“We have been working with the IOTA team for more than one year. I’m very excited about IOTA’s innovative tangle technology, which could potentially become the standard underlying technology for trustless machine to machine communication, security and payment in the IoT space. There will be much synergy between Bosch and the IOTA Foundation, and I’m looking forward to seeing more industrial adoptions of this technology in the near future,”

Dominik Schiener, the Co-Founder of IOTA said:

The purchase of IOTA tokens by RBVC is a strong vote of confidence for the technology and the ecosystem we have built over the years. Distributed ledgers are the future when it comes to truly unleashing the IoT, and with IOTA we see the potential of becoming the backbone of this emerging Machine Economy. We will continue to intensify our collaboration with leading IoT companies and hope to have the first go-to-market solutions ready by the end of 2018.”

David Sønstebø, the Co-Founder of IOTA pointed out that,

“Bosch and IOTA have been in contact since 2015 and are working together on multiple fronts, including the Trusted IoT Alliance (TIOTA) and other projects. The decision by RBVC to acquire a significant amount of iota tokens solidifies the idea of the Machine Economy and how significant leaders in this space share our vision.”

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