The IOTA foundation released on May 29 a beta version of its new Trinity mobile wallet app. This awaited release helped drive its prices up by 28% in just 48 hours. As of press time, MIOTA is being traded at $1.73, according to coinmarketap. In fact, the surge in price has been part of a wider overall bullish market setting, where most cryptocurrencies have been showing signs of a slow yet sustained price recovery, after a bearish month of May.
MIOTA Price Surge
The bulls seem to not be running out of steam in the IOTA order books. In the last 24 hours, the upswing found momentum and drove the prices by over 8%. Over 35% of the total trading volume came from Bitfinex, while Binance accounted for over 20%.
Bitcoin seemed to have found support at $7,000 and is currently trading at $7,500, a new resistance level taking shape this past week. On the other hand, Ether bounced back to $575 after touching $500 for the first time since April.
A Week of Major Announcements
The Trinity wallet release was the second major announcement made by the foundation this week. In fact, on May 22, IOTA struck a deal with the United Nations Office for Project Services to explore the Tangle as it may bring greater efficiency to UNOPS operations.
The IOTA foundation published the release of its new user-friendly wallet aimed at providing the less tech-savvy users with an easy, straightforward and intuitive full-featured experience.
Through a medium post, the developer behind the Trinity wallet, Navin Ramachandran, declared that it is an app “born of the community, earnestly championed by the community and finally taken under the foundation’s wing.”
In fact, the development team behind Trinity worked closely with its community for the last few months and had been gathering feedback, backtesting and patching security flaws. As claimed by the blog post, IOTA subjected Trinity to two external reviews, a threat-modeling exercise, and a security audit, then investigated all the threats and bugs.
The foundation assured that Trinity is already as secure and safe as is technically possible and published the review reports from accessec GmbH and Cyber Security Lab on its website. As advertised by the website, this beta release grants a product that offers paramount security, easy account management, fast and reliable transactions, and market watch through displaying MIOTA’s value as compared to other currencies. The mobile version of Trinity is available for IOS and Android devices, while the desktop version is still under development. The foundation promised to release the source codes of the wallet with the release of the beta desktop wallet.
The excitement around IOTA and the growing number of partnerships sealed with major organizations are likely to further boost its adoption. In fact, the Tangle has been gaining a lot of attention as it is believed to be one of the only technologies that can tackle the scalability issues of most cryptocurrencies’ underlying blockchains.