IOTA and Jaguar Land Rover: partnership pushes token up by 20%

Nothing boosts a cryptocurrency better than news of a big partnership and they have been few and far between during the crypto winter. Many altcoins have simply flat-lined at their lowest levels for a long time but one has recently been revived on the news of a big partnership.

Britain’s largest auto manufacturer announced yesterday that it has begun testing software that will allow drivers to be rewarded in cryptocurrency for sharing data. The Reuters report added that Jaguar Land Rover is developing a ‘smart wallet’ that will be installed into vehicles to enable crypto deposits. Drivers would be able to earn IOTA for sharing information such as traffic conditions, or potholes via automatic sensors connected navigation providers or local traffic authorities.

Crypto rewards could also be earned for participation in ride sharing programs and they can be used to pay tolls, parking fees or charging points for electric cars added Jaguar. The firm stated that it had the goal to “achieve zero emissions, zero accidents, and zero congestion,”

According to the report the new technology is being tested at the new Jaguar Land Rover software engineering base in Shannon, Ireland. The Jaguar F-PACE and Range Rover Velar models have already been fitted with the ‘smart wallet’ and engineers will be testing with the IOTA blockchain.

As expected IOTA markets reacted instantly and the token surged from an intraday low of $0.26 to $0.32 and is still going. Daily volume had also doubled from $10 million to $25 million at the time of writing. The 20 percent pump has been a long time coming for IOTA which has dropped way down the market cap charts in recent months.