IOTA Price Moves Up Following RBVC Investment
IOTA price moves up 27%
IOTA price has moved up following news of a significant buy from a venture capital firm. Venture capital Robert Bosch Venture Capital has just purchased a significant number of IOTA tokens as it looks to make a strategic move into the world of IoT (Internet of Things).
According to RBVC partner Dr. Hongquan Jiang who will also be joining the IOTA advisory board, the choice was based on a history of working together combined with an impressive founding team & IOTA community. This move might have boosted investor confidence as the price moved +27% today taking IOTA to $5.32 USD ($6.93 AUD) at the time of writing. IOTA tech is still in it’s infant stages but Dr. Jiang believes the technology has the ability to solve some fundamental problems of IoT such as scalability & transaction costs once the IOTA matures in the longer term.
RBVC is a venture capital firm from the Bosch Group which is a multinational electronics & engineering company. Core Bosch products include automotive components, household appliances, power tools & electronics. They invest in innovative startups worldwide with a strong focus on companies working in industries that are of business interest to Bosch now and into the future. This significant purchase of IOTA is seen as a strong vote of confidence for IOTA technology as Bosch looks towards industrialising IOTA among it’s network and solidifying their commitment to the industry.
This news follows a turbulent time in IOTA’s price after the foundation clarified some statements surrounding the “partnership” with Microsoft which was seen as scandalous. This drove a strong reaction among investors as IOTA’s price dropped from $5.34 usd on December 6th to a low of $3.38 on December 14th. The price has since rebounded as the partnership scandal is now water under the bridge and IOTA moves forward to take now new challenges & opportunities.
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