The IT branch of Toyota Motor Corporation, Toyota Systems, recently announced its new crypto project.
The company is working with a Japanese stock exchange, DeCurret, to produce its own Toyota token under the Toyota brand.
The project will involve 2,500 company employees, but they will not be able to sell the coins for Fiat.
Private companies around the world will be cryptographing, and automakers are no exception. Many big names in the automotive industry have already either teamed up with a crypto project or decided to create one of their own.
The latest in the line is the Toyota Motor Corporation, or rather its IT branch, Toyota Systems.
Toyota announces a partnership that will lead to its own token
According to an official announcement published yesterday, October 26, Toyota Systems is working with the Japanese crypto exchange DeCurret. The two plan to create a new digital currency with the Toyota brand name.
It is a fairly extensive pilot project that will involve some 2,500 Toyota Systems employees. The platform will also offer crypto payments for services.
In addition, all participating employees will be able to exchange coins for gifts from a specific catalog or simply for benefit points. Toyota said that it will not be possible to exchange crypto for Fiat currencies such as the Japanese yen.
Car manufacturers will exchange crypto
As far as is known, the pilot project will use DeCurret’s own block chain-based platform for coin issuance and management. Another purpose of the pilot project is to test the scalability of the P2P model, but also issues related to payments to large groups of people.
Of course, this is not the first time that Toyota has done something about crypto and block chain technology. Since March this year, when the company officially established the Toyota Blockchain Lab, it has been researching the blockchain industry. And, as mentioned earlier, Toyota is far from being the only automaker that has decided to experiment with new technologies.
BMW Korea is another company that has recently announced that it will work with cryptography, and even announced a block chain-based token process earlier this month.