IOTA has recently been caught in a cryptocurrency bull rush following the announcement of a fresh partnership with Jaguar Land Rover. Specifically, this news has spurred on IOTA, prompting a massive price increase.
IOTA’s price surged over 20% yesterday
It is well-known that one of the single most popular pieces of news for boosting a cryptocurrency’s market value is that of a partnership with a big brand name. Moreover, this is indicative of wider cryptocurrency adoption in the economy as a whole, and usually lends credence to the affiliated cryptocurrency firm.
IOTA is the latest firm to reap the rewards of such a partnership. Britain’s largest auto manufacturer, Jaguar Land Rover, has recently announced that it is going to develop a “smart wallet” with crypto deposit integration intended for deployment in the firm’s cars.
Furthermore, this smart wallet will reportedly utilize IOTA functionality. As such, drivers will have the option to continually earn IOTA as they share traffic-related information with other partners. For example, information regarding potholes or traffic congestion could be shared with either local traffic authorities or navigation providers.
The cryptocurrency rewards could be used for a variety of purposes
Moreover, the cryptocurrency rewards could also potentially be used within or example ride-sharing programs. In addition to this, the crypto rewards could then be used by consumers in order to pay for e.g. parking fees, charging in the case of electric cars, or to pay for road tolls.
This technology is reportedly being developed by Jaguar Land Rover at a software engineering base located in Shannon, Ireland. What’s more, Jaguar F-Pace and Range Rover Velar models are already said to have been outfitted with the smart wallet, and are now supposedly undergoing IOTA blockchain testing.
The decision by Jaguar Land Rover to use IOTA has not been entirely uncontroversial. Some have taken to Twitter to question why Jaguar Land Rover didn’t seek to integrate Bitcoin, or another more prominent coin, instead.
Nevertheless, this is big news for IOTA. Moreover, IOTA’s co-founder, Dominik Schiener, teased that this IOTA functionality might be adopted by more automotive companies:
“The smart wallet technology can be easily adapted into all new vehicles. IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy.”
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.