Cryptocurrency project IOTA saw a double-digit price rally on Tuesday, May 29, after the project announced the beta release of their Trinity Wallet iOS and Android app.
IOTA announced the release of its Trinity Wallet in a blog post on May 29, which led to a rise in the token’s trading price from an opening $1.33 to a high of $1.65, a growth of 19.4 percent. Currently, IOTA is trading at around $1.61, which equates to a $4.5 billion market cap.
The IOTA price rally comes amid a broader market recovery, which also saw Bitcoin’s price jump from around $7,000 to about $7,500. IOTA’s token was one of the strongest performers, and its double-digit rally coincided with the beta release of Trinity, IOTA’s new client-facing wallet.
Trinity, released on Android and iOS with a desktop version to follow soon, provides a convenient and user friendly interface for IOTA holders to trade their tokens and perform transactions. Users can transfer tokens by scanning a QR code, see how IOTA is trading across different currency pairs, and access multiple accounts with a single password. The new wallet is protected by two-factor authentication and encryption.
The Trinity release was the second major news item to come from the IOTA team in less than a week. A memorandum of understanding between IOTA and the United Nations Office for Project Services (UNOPS), an operational arm of the United Nations was signed in Berlin and New York on May 22.
According to the press release, IOTA’s technology will “provide a greater level of efficiency in the management and tracking of UN documents, supply chains and transactional payments in real-time, with access available to both UNOPS and its partners.”