Dominik Schiener would have had 500,000 reasons to turn his back on cryptocurrencies. That is the amount of euros the young man from Berlin lost in 2013/2014 in an attempt to set up a trading platform for digital money.

But he remained true to the topic and helped to established IOTA in 2015. Today, that is the world’s eleventh largest cryptocurrency with a market cap of around $5 billion.

Following the involvement of some German companies such as Volkswagen AG, the next growth phase for IOTA is now starting, the 22-year-old said in an interview with Bloomberg. In addition to the Berlin base, offices are being set up in Toronto, Tokyo, Oslo and Taiwan.

“Many still perceive IOTA as a German cryptocurrency, and we want to change that,” he said. The IOTA Foundation, which is behind the currency and steers the development of the underlying technology, has the money to do so.

Slightly more than 300 million euros are in the treasury, in the form of IOTA tokens, according to Schiener, who heads the foundation. They were donated by users. Read more from mybroadband.co.za…

thumbnail courtesy of mybroadband.co.za