IOTA, the 15th biggest cryptocurrency by market capitalization, went berserk after a partnership with British car manufacturer Jaguar Land Rover. In practically no time, the price of the IoT-powered coin skyrocketed by nearly 16 percent.
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Earning crypto while driving
According to a recently published Reuters report, Jaguar will utilize IOTA in order to tackle car emission and traffic congestion. The newfangled feature will also help reduce the number of car accidents.
To achieve that, smart cryptocurrency wallets are being integrated into a new fleet of Jaguar cars, including Jaguar F-PACE. Drivers will be able to earn IOTA for sharing valuable data while they are on the road.
As of now, smart wallets are in their testing stage, and it’s not clear when the technology will be available for commercial use. However, IOTA doesn’t hide its ambitious plans.
“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,” IOTA co-founder Dominik Schiener told Reuters.
IOTA is gaining traction
The partnership with the big-name car manufacturer caused a storm of hype in the cryptocurrency community. Crypto advocate Anthony Pompliano claims that ‘the virus is spreading.’The IOTA-Jaguar news, which has spread like wildfire across the crypto community, inevitably resulted in a major price spike. According to the data provided by CoinMarketCap, the price of MIOTA increased 16.38 percent over the last 24 hours. The coin’s market cap is now sitting at $871 mln.