IOTA's Partnership with Microsoft is Exaggerated

The rise in IOTA's price may have benefited from news of a partnership with Microsoft, but the connection may not run as deep as previously thought.

The IOTA project does not yet have a formal agreement with tech giant Microsoft, as was previously announced in November. The announcement comes just as the MIOTA market price is on the rise again, holding well above $4.

At the moment, many unrelated entities are working on, or with the IOTA tangle, but there are no formal business partnerships signed. The founder of IOTA, Dominik Schiener, clarified that IOTA has invited "participants", but they are not business partners in the stricter sense.

IOTA is still far from its peak at $5.30, but for now holds well onto the new price range, with additional visibility and trading on the Korean exchange Coinnest.

Read more on IOTA's Breakout in December:

IOTA Breakout Moment: Above $2, Headed for Fame

IOTA Hooks Up with Corporate Giants to Build Data Marketplace 

The main ambition of IOTA is to create a one-of-a-kind marketplace for data related to the Internet of Things. But so far, the tangle, IOTA's proprietary data structure for handling data transactions, has only been used in test conditions.

The confusing text from IOTA revealed that Microsoft and other companies were already contributing data. In fact, Microsoft did not deny the connection:

"We are excited to partner with IOTA foundation and proud to be associated with its new data marketplace initiative. This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers," said Omkar Naik, Microsoft's blockchain specialist.

IOTA envisions data as the next hot commodity, and while the creation of smart devices is lagging, the tangle may be useful in the future.

"The sheer magnitude of data and the influence it has had, and increasingly will have, on our society automatically comes with huge business opportunities that will be worth tens of billions over the next few years," the IOTA project shared in a recent blog.

But for now, IOTA is rising mostly on the general hype for altcoins, the biggest altcoin bull market since May this year, and a speedy recovery after the September and October slump.