The IOTA Foundation has been chosen by the European Union as one of the primary projects in the initial phases of designing and creating an EU-based blockchain platform.
According to an announcement, the European Blockchain Services Infrastructure (EBSI) in place is aiming to increase its transparency and efficiency as a network. To achieve this, the EU has selected seven projects to support the initiative. The key mission is to facilitate quicker, more secure EU-focused transactions and offer greater cross-border payments between the EU countries.
As per the announcement, the possible future of this initiative could lead to further develop partnerships with the EU to test on core established financial and technological services:
“This aims to design new DLT solutions to improve the scalability, energy efficiency and security of EBSI, a network of blockchain nodes across Europe. If selected for the next phase, IOTA could be one of the technologies that will be developed and tested with core European services.”
In the initial pilot phase, the IOTA Foundation will be supporting EBSI in establishing and maintaining international relations between governments, organisations, businesses and individuals through blockchain technology.
As a blockchain platform with a permissionless, feeless, and open-sourced network, IOTA Foundation has been making waves in the cryptocurrency scene with a focus on scalability and security. With this, the platform offers technology that has massive potential for the infrastructure EBSI is planning to build.
IOTA trading price
While the news of IOTA’s new involvement with the EU initiative spells an opportunity for the project, the price of the platform’s token has not seen a spike. As Bitcoin took a knock over the past day, the alt market has suffered in kind. Over the past 24 hours, IOTA has seen a 13.87% drop falling from a high of $1.77 to $1.52 overnight. If the market recovers, it’s likely that the price of the token (MIOTA) will see a similar upward trajectory.