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.