Toyota’s IT arm launches digital currency pilot


Toyota systems, a wholly-owned subsidiary of Toyota Motor Corporation focused on information technology, plans to develop and test a digital currency as part of a new pilot project with Japanese cryptocurrency exchange DeCurret.

According to a press release, the project will involve 2,500 employees at Toyota Systems and will entail creating a platform that features digital currency payments for employee benefits. The digital currency will be tradeable for gifts listed in a catalog or for benefit points, according to the statement.

The pilot, which will test the feasibility of using a blockchain-based digital currency at a large scale, isn't Toyota's first foray into digital currency-related research. In March, the company launched the Toyota Blockchain Lab to explore potential applications of blockchain technology.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

SEC said to allow first bitcoin futures ETF to trade in US: report

The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]
Read Full Story
Oct 15, 2021, 2:54AM UTC