IOTA price surges 17% overnight thanks to Fujitsu announcement

The price of IOTA rose sharply on Monday following reports that Fujitsu is set to work with the blockchain platform to make it the new protocol standard.

Fujitsu, a prominent Japanese technology company, came out in full support of IOTA, stating that it would go ahead and use IOTA protocol as a data store within the production and supply chain industry.

In a tweet through the official IOTA News handle, Leopold Stenberg, a program manager at IOTA, said that Fujitsu is “well-equipped to help roll out IOTA as the new protocol standard”, further noting that the company is an expert in both manufacturing of IT products and IT services.

Another tweet made on the official IOTA News channel outlined the goals of Fujitsu, stating that the company intends to use IOTA as an immutable data storage medium to demonstrate an audit trial for production process.  By using the blockchain platform, Fujitsu will also aim to engage with the automotive & manufacturing industries, driving IOTA-based innovation.

IOTA prices spike following the announcement

The announcement by Fujitsu to make IOTA the new standard protocol saw the price of IOTA spike 17% on Monday (at the time of this writing) to hit £0.49, which is the highest in more than two weeks. At the current point, the coin has a total market cap of around £1.35 billion, ranking 10th, according to CoinMarketCap.

Despite this incredible gain, IOTA has shed around 36% in the month of August alone, but it’s no surprise considering that most altcoins have shed also double digit percentage in the past few weeks.

Being one of the most prominent cryptocurrencies within the automotive and electronic industry, IOTA has been announcing a number of high-profile partnerships, and a recent announcement of a new beta for its Trinity Wallet built to provide access to several accounts with just a single password and 2-FA authentication. If the company keeps up with the momentum we might see even new highs of the IOTA prices.

James

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James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. He has been writing about crypto since he first learnt about cryptocurrencies in 2010. Initially, he was attracted by the disruptive economic and social implications of virtual currencies and blockchain technology, and over the years he has dedicated himself to learn everything he can about the industry.

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