IOTA cryptocurrency ledger to set up Israel office

Globes correspondent IOTA is coming to Israel. The IOTA Foundation, which operates in the digital currency field, is opening offices in Tel Aviv and hiring employees. The company offices will have about 10 employees in the R&D division. The Tel Aviv offices are joining the offices currently being set up in Seoul, Shanghai and Tokyo.

IOTA is a not-for-profit entity registered in Germany, which aims to promote the digital currency protocol for which it is responsible. The IOTA protocol, created in 2015, is intended for Internet of Things (IOT) devices, and enables them to make micro payments. IOTA has recognized a problem in the industry that makes it difficult for blockchain and crypto companies to enter the market, due to the high commissions and the low rate of transfers. The IOTA protocol isn't based on a blockchain, but on a directed acyclic graph, named Tangle. All monetary transfers are saved on Tangle, which constitutes a Distributed Ledger.

The IOTA Foundation is the driving force behind the development of pioneering a blockless distributed ledger protocol called "IOTA Tangle."

IOTA VP technology Alon Elmaliah, who will manage the Tel Aviv center, said, "I'm thrilled that IOTA is expanding their global footprint and opening an office in Tel Aviv. IOTA's tangle system is paving the way for global changes in the current crypto marketplace and its an honour to be a part of the IOTA team." Alon Elmaliah VP of Technology at IOTA leads the establishment of the team in Israel and will manage the center in Israel.

Dominik Schiener, Co-Founder of IOTA added, "Alon brings first class experience and knowledge of the industry with him. He is an excellent choice to help build the IOTA business in Israel."

The IOTA Foundation is a non-profit organization headquartered in Berlin, Germany that coordinates and funds the development of the IOTA ecosystem. It is the first non-profit organization in Germany approved by the government focused on distributed ledger technology.

Published by Globes [online], Israel business news - www.globes-online.com - on January 17, 2018