Berlin-based IOTA is planning to expand to North America, according to a Twitter post published by the foundation’s head of business development.

According to the job listing, IOTA is planning to build up its coverage of the North American market. The job is to be on the West Coast of the US, and the foundation is only accepting applications from people who are authorised to work in that country.

The job description involves being able to explain the fundamentals of IOTA’s network, the Tangle, “in order to trigger tangible cooperation.” The employee’s job will be to make partnerships with companies, represent IOTA, and basically spread its use in Canada and the US.

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Finance Magnates reached out to IOTA to ask about potential regulatory hurdles, but as of press time no response was received.

A busy year

The IOTA network has a market capitalisation of $1.8 billion, according to coinmarketcap.com, putting its cryptocurrency MIOTA in the top ten.

It differs from other kinds of blockchain because blocks are added automatically, without mining, making the system fast and, as IOTA claims, infinitely scalable. The Tangle is specifically designed to create/be integrated into an ‘internet of things’, which is an idea in which everyday appliances will be connected to the internet.

Founded in 2015, the last year has seen it form relationships with some major companies. For example, it launched a data marketplace in conjunction with Microsoft and 20 other companies in November 2017, although it did later have to clarify that it may have overstated its relationship with the computing giant. The network’s value has gone down by almost $1 billion, or around one third, over the last week amongst a more general downturn of cryptocurrency prices.

In May 2018, it signed a memorandum of understanding with the United Nations’ Office for Project Services, which was interested in using a distributed ledger to manage and track documentation. The organisation operates in around 80 different countries.

In June it announced a mysterious new project called Qubic, complete with an abstract music video, and in July it sent a team to participate in a project at the research labs of car manufacturer Audi.

The network’s value has gone down by almost $1 billion, or around one third, over the last week amongst a more general downturn of cryptocurrency prices.