Cryptocurrencies: 5,975
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Global market data

Cryptocurrencies: 5,975
Markets: 545
Marketcap: $ 554.72 B
24h Vol: $ 101.34 B
BTC Dominance: 61.24%

[THE BLOCK] Toyota’s IT arm launches digital currency pilot

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.

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.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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