The crypto market was silent throughout the weekend. However, IOTA seems to be waking up as evident in the Asian session. Nothing enhances the position of a digital token better than great news of a big partnership. The partnerships have remained sporadic during the crypto winter.
A majority of the altcoins have just flat-lined at their bottom for long periods. However, IOTA has awakened on the news of a big partnership.
Jaguar Land Rover plans to Offer IOTA Rewards
The largest auto manufacturer in Britain announced on April 28 that it has started testing crypto-related software. The software will enable drivers to get rewards in digital currency for sharing data. The Reuters report confirmed that Jaguar Land Rover is creating a ‘smart wallet.’ This wallet will be installed into vehicles to support crypto deposits.
Drivers can earn IOTA for sharing information like potholes or traffic conditions via automatic sensors connected to navigation providers or local traffic authorities. The crypto rewards could also be earned for the participation in ride sharing programs. The accumulated tokens can be used to pay parking fees, pay tolls or charging points for electric cars.
The company said that it targets zero accidents, zero emissions, and zero congestion. The report revealed that the new technology will be tested at the new Shannon software engineering base in Ireland. The Range Rover Velar and Jaguar F-PACE models already have the ‘smart wallet’ and the engineers are ready to test with the IOTA blockchain.
Dominik Schiener, IOTA co-founder and board co-chairman stated that the smart wallet technology can be easily adapted into all new vehicles. IOTA will enable interoperability with all these multiple players. Hence, they will introduce a universal token for the vehicle machine economy.
Not everyone is happy and convinced that IOTA was the right choice.
Jaguar will start giving $IOTA as rewards to its drivers…
Then they'll figure out that IOTA is vaporware…
And instead will do what they should have done all along…
Reward their drivers with Bitcoin
— Josh Rager 📈 (@Josh_Rager) April 29, 2019
However, Schiener failed to acknowledge that the Bitcoin network is highly unlikely to handle the volume of transactions essential to facilitate the new crypto ecosystem.
The IOTA markets reacted almost instantaneously after this announcement. The token awakened from an intraday low of $0.26 to $0.32 and is still going. The daily trading volume also doubled from $10 million to $25 million. The 20% pump has been in the pipeline for a long time for IOTA which plummeted considerably in recent months.
— The Crypto Dog📈 (@TheCryptoDog) April 29, 2019
Since the start of 2019, IOTA has lost around 13% remaining extremely bearish the entire time. On the contrary, coins like BNB have made 300% so far this year. Hence, IOTA has a lot of catching up to do. From an all time high of over $5, the coin has lost around 94% ranking among the worst performing altcoins recently.
IOTA remained quite inactive since September 2018 and in the process flat-lined for the past seven months. The new automobile partnership could the lifeline that the token needs to turn bullish. However, the MIOTA HODLERS hope that a big dump does not follow the current pump.