carVertical Lands BMW Partnership; CV Token More Than Doubles In Value
The blockchain-based car history registry system, carVertical (CV) was a stand out performer on another red day for the cryptocurrency market, having spiked by more than double its value in the hours following the announcement that BMW Group was officially a partner of carVertical, having agreed to participate in pilot testing.
Indeed, Thursday’s official tweet from @carVertical_com came at 12:19pm (PDT), when the price of one CV token was $0.00255. Its value subsequently sky-rocketed by as much as 126.3 percent; peaking at $0.00577, exactly three hours after the tweet. The ERC20 token has since corrected to a value roughly equal to that of its late-December ICO price of ~$0.0042 (excluding bonuses).
The BMW Group partnership joins a growing list of carVertical partners, which feature the likes of GPSWOX (global GPS tracking solutions) and Diginet (automotive classifieds). The startup is also financially supported by the European Union (EU), courtesy of the Operational Programme for EU Structural Funds Investments for 2014-2020.
carVertical is bringing blockchain to the automotive industry in an effort to bring transparency to a space that has long been plagued by information asymmetry and fraudulent acts that disadvantage the buyer (e.g. odometer tampering).
Ironically, there’d been ongoing rumours surrounding Thursday’s BMW Group partnership announcement; suggesting some dubious behaviour from those in the inner sanctums of carVertical.
So much so, that for many avid followers of the startup, the partnership announcement was nothing more than a formal recognition of what had more or less been known for many weeks.
As per their February 27 post, carVertical themselves added fuel to speculation about an imminent partnership:
As you may have seen from our recent sneak peak – we are in talks with one of the biggest automotive manufacturers in Europe about a partnership, which you should hear about in the near future.”
In past weeks, the oft-maligned YouTube personality, Suppoman, had repeatedly referred to an impending announcement about a partnership with a high performance German manufacturer (see: here and here). In this February 7 video too, he even stated that carVertical are “beginning a relationship with BMW, with the view of it being a partnership.”
As another oddity surrounding the announcement, carVertical referred people to a news article for more detail, rather than announcing it via their own blog post (i.e., the industry norm). Further, there was no acknowledgement from any of BMW Group’s formal social media accounts (yet) about the partnership’s very existence, nor did any spokesperson provide said article with a quote. Granted, the partnership only concerns pilot testing, which would be considered insignificant to the multinational behemoth that is BMW.
Whilst many may recall that VeChain has been working with BMW for several months, the needs of carVertical appear entirely independent. This suggests that the German manufacturer can impartially facilitate the needs of both blockchain-based projects concurrently.
As for what’s next for carVertical, they have stated their intention to partner with companies in industries such as vehicle reselling, international taxi companies, insurance groups, government institutions, and automotive classifieds in different countries.
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