Toyota’s IT arm launches digital currency pilot

Layer 1s • October 26, 2020, 12:38PM EDT
The Block

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.

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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.

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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.