IOTA Announces Partnership with Porsche, Token Price Surges

IOTA token’s price has jumped over 18% on the news that it will work with luxury car maker Porsche for Startup Autobahn’s Project 4.

IOTA announced that it would work together with German automaker Porsche on the Program 4 project, which was backed by platform Startup Autobahn. IOTA and Porsche will work along with other startups on a program focused on smart mobility. The news supported IOTA’s token price, which surged about 19% in the last 24 hours according to Coinmarketcapdata.

“The @PorscheLab is looking forward to work together with @iotatoken & @Porsche on a @StartupAutobahn Project. StartupAutobahn is the ultimate innovation platform that unites tech companies with the tech expertise of SiliconValley & the best of German engineering,” IOTA News said in a tweet.

The @PorscheLab is looking forward to work together with @iotatoken & @Porsche on a @StartupAutobahn Project. #StartupAutobahn is the ultimate innovation platform that unites tech companies with the tech expertise of #SiliconValley & the best of German engineering. #Porsche #IOTA pic.twitter.com/xMU7BSuX8r

— IOTA News (@iotatokennews) May 5, 2018

Startup Autobahn was founded by Daimler, the company behind Mercedes Benz brand, Plug and Play, University of Stuttgart, and Arena2036. It focuses on technology-driven projects that revolve around the future of mobility.

IOTAs token, referred to as MIOTA, at one point added 19% for the day, reaching a peak at $2.59. It has since retraced to $2.43. The cryptocurrency ranks ninth on Coinmarketcap, with a capitalization of $6.7 billion.

This is not the first time that IOTA has partnered with an automaker. Earlier, it announced a collaboration with Volkswagen, one of the largest car manufacturers in the world, to work on smart cars and decentralized platforms. In February 2018, Bosch also expressed its interest in trying an IOTA platform for driverless cars.

At the beginning of the month, IOTA was one of the companies that joined together to found the Mobility Open Blockchain Initiative, which currently comprises 29 other companies, including Bosch, BMW, GM, Renault, and IBM.

IOTA claims to be a next-gen platform that wants to enable interoperability between all kinds of devices, as it focuses on the Internet of Things. Even though it is often referred as a blockchain project, it actually uses Tangle, another kind of technology that also revolves around decentralization.