Mercedes-Benz Announced Own Cryptocurrency Issuing Start

March 7, 2018

The Germany’s largest car manufacturing company Daimler AG (Mercedes-Benz and Smart) has presented issuing its own cryptocurrency based on Blockchain. The announcement was made by the company’s representatives at the Mobile World Congress in Barcelona.

The coin was named MobiCoin and aimed at rewarding car owners for safe driving. The project’s testing is reported to be underway within the next three months by 500 drivers.

Works on the project began in February this year. The information of the owner’s vehicles is supposed to be stored in a specific mobile app. The participants to the project will be able to spend their coins when visiting events featured by the car manufacturer. For instance, they will have a chance to buy VIP-tickets for Fashion Week in Berlin or the MercedesCup Final. In addition, the information on the would-be MobiCoin converting into other cryptocurrencies or fiat was kept secret.

One can’t but note that German car producers began giving heed to blockchain-related projects more actively: quite lately the Chinese blockchain-startup VeChain has entered into partnership contract with BMW while Porsche together with XAIN startup initiated research on adopting Blockchain in the management system for its cars.

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