IOTA’s Price Drops 15% After Clarifying That There Is ‘No Official Partnership With Microsoft’

Last week, IOTA was the altcoin in the focus with a surge of its price of nearly 600%. The increase followed an agreement in which IOTA’s Data Marketplace was believed to be backed by Microsoft. However, this week the company clarified that there is no official Microsoft partnership.

Speculative or not, the price of IOTA rose from $0.77 to more than $5 in only two weeks – mostly because of this news and the fact that the cryptocurrency is believed to be ‘a product by Microsoft’ or ‘something that Microsoft backs’.

Recent reports say that IOTA has no formal partnership with Microsoft. The wide misinterpretation came from the quote on IOTA’s official blog where the company announced that the IOTA Data Marketplace is something that Microsoft participates in.

Shortly after that, a Blockchain specialist from Microsoft named Omkar Naik reacted, saying that: “We are excited to partner with the IOTA Foundation and proud to be associated with its new data marketplace initiative.”

This made the IOTA coins sell like hotcakes. However, when asked for clarification about the nature of the involvement in IOTA’s Data Marketplace, a Microsoft representative said that “IOTA is a Microsoft Azure customer and plans to use Azure to test and deploy its Data​ ​Marketplace.”

This made the crypto world shatter and turned many heads to the IOTA and Microsoft case. At this point, it is true that the two companies are working together on several technology exercises that involve IOTA’s Tangle network, where they are together connecting and installing weather sensors to the ledger technology.

Even though the IOTA market share increased more than fourfold and grew to over $13 billion, the price of IOTA has decreased by 15%. Still, there are many plans for further growth and development and the current price of IOTA is now sitting at more than $4.