Dominik Schiener had a lot of reasons to lose interest in cryptocurrencies. He had lost over 500,000 euros in 2013 when attempting to create a trading platform for digital assets. However, he remained diligent to the industry and the topic and developed IOTA in 2015. Today, IOTA is the 13th largest cryptocurrency with a $3 billion market cap.
Following His Success
After being involved with popular German companies like Volkswagen, IOTA’s next growth phase is beginning, Schiener said in a recent interview with Bloomberg. IOTA plans to build a base in Berlin, and officers in Tokyo, Taiwan, Oslo, and Toronto. “People tend to think that IOTA is just a German cryptocurrency, and we aim to change that perception,” he said.
The IOTA Foundation, which directs the development of the company’s technology and is behind the currency, has the capital to do so. There are over 300 million euros in reserve that’s in IOTA tokens. According to Dominik, who leads the foundation, the money was donated by users involved with the platform.
IOTA’s company has 50 employees in Berlin and eight mathematicians. “They receive their wages in IOTA tokens, not in euros.”
Schiener has lived in Berlin since 2016 for an economical reason “Here, Germany has a good ecosystem for cryptocurrencies,” he stated. With German’s capital, he was able to contact companies that are now involved in IOTA’s technology and development. For instance, when it comes to micro-payment transactions with machines.
Volkswagen’s Chief Digital Officer, Johann Jungwirth, has been included to IOTA Foundation’s supervisory board. “He watches the foundation’s annual roadmap” a spokesman confirmed. “Jungwirth believes that IOTA’s relevance and technology will be able to create various applications that are mobile and innovative.”
RBVC, which is Bosch Group’s venture capital firm, invested money and works with IOTA. “Bosch sees a few promising approaches within IOTA’s infrastructure and architecture, especially in the IoT sector” Hongquan Jiang, RBVC’s Investment Partner said.
Neither Bosch nor Volkswagen wanted to discuss specific IOTA projects that are in development.
According to Deutsche Bank Wealth Management, blockchain and crypto technology are considered interested. “Cryptocurrencies help make transactions cheaper and easier” Markus Mueller, Chief Investment Office leader states. In his point of view, IOTA might be able to revolutionize industries from their early launch stages.
Nevertheless, cryptocurrency is a topic that companies discuss with skepticism. “In regards to cryptocurrencies, we don’t have to use larger companies to consult with clients as much” Jochen Schwabe, an investment partner stated “Some customers test Bitcoin transactions, but do so to prepare for emergencies – like blackmail.”
Schiener believes in IOTA and holds all of his assets in tokens. He stated “I don’t want to be a leader that sells their tokens at a high price and receive quick profits,” he added. Additionally, he states that the environment in 2013, was difficult for him to create his crypto company. “Blockchain and digital currencies weren’t relevant to the public audience yet,’ he asserted “People associated Bitcoin with dark businesses and drug deals, and no bank helped me create a company account.”
This problem eventually lead to him created IOTA in 2015. Along with Serguei Popov, David Sønstebø, and Sergey Ivancheglo, he created the digital currency. He then moved to Berlin to help establish IOTA’s growing crypto economy. In conclusion, IOTA’s founder shows no sign of stopping and will continue to help develop his company to suit the demands of today’s market.