IOTA Price Leaps 24% as Jaguar Land Rover Installs Inter-Car Smart Wallet

IOTA (MIOTA) was the beneficiary of a 24% price boost on Monday morning after Jaguar Land Rover announced the development of IOTA smart wallets in their vehicles.

Jaguar Land Rover Developing IOTA Smart Wallets

This isn’t the first time IOTA has been courted by major automobile companies. In 2018, Audi announced a partnership with the Germany-based cryptocurrency which saw the two groups create prototype uses for the Tangle.

The new deal with Jaguar Land Rover has apparently already seen IOTA cryptocurrency wallets installed and tested in vehicles, including the Jaguar F-PACE and the Range Rover Velar. The long-term goal is to have vehicles automatically tip each other for various on-road services, such as changing lanes, reporting accidents, ride-sharing, and more. Jaguar Land Rover said they were aiming for “zero emissions, zero accidents, and zero congestion” in the long run.

IOTA’s co-founder, Dominik Schiener, said the move was part of the group’s intention to become the standard currency in the machine economy. He said:

“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.”

No hard date has been given for when the ‘smart cars’ will become commercially available.

IOTA Price – MIOTA/USD

From Sunday’s low of $0.260063, the value of IOTA jumped to $0.324666 in just a few hours after the Jaguar Land Rover news was announced in Reuters. That amounts to 24.8% growth, and came with the highest MIOTA trade volume witnessed since August of 2018, at $50 million.

Binance’s BTC and USDT pairs housed 40% of that volume, while Bitfinex processed over $5 million worth of trades against USDT. A quick glance at volume from trusted exchanges via OpenMarketCap shows IOTA as the 8th most traded cryptocurrency on the day, with $33 million changing hands.

All of this comes at the end of a month in which MIOTA had just lost 32% of its value. The coin price reached as high as $0.38 in early April, before plunging to $0.25 a few days ago.

IOTA on the Right Path?

The IOTA project has not been without criticism over the years, especially after security flaws were discovered in the technology back in 2017, causing trading on Bitfinex to be briefly disrupted.

2018 was a more fruitful year for the company, as numerous industries showed interest in IOTA, including Denmark’s largest energy firm, and a Dubai-based group aiming to build crypto-linked ‘smart cities’.

Holders of the coin may have been getting impatient over the course of the last quarter. Whereas many altcoins have doubled, trebled or quadrupled since the December low, IOTA struggled to move far above its own December low of $0.20. Monday’s price movement leaves the coin 60% up since the start of the year.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.