Rumours are circulating that BMW is about to use Enjin Token in Korea.
The source of this rumour is the Korean blog on naver.com, which also shares some screenshots of the new app.
In fact, it is said to be the new BMW Vantage app for customer loyalty in South Korea.
Within this new app, BMW Coin owners would be able to exchange them for ENJ tokens.
Thanks to this news, which has not yet been officially confirmed by the German manufacturer, the price of ENJ has now risen in half an hour from less than $0.16 to almost $0.17, an increase of almost 7%.
On the other hand, BMW had already shown interest in blockchain technology with its PartChain initiative, which is still in the study or development phase.
The BMW Vantage app allows users to earn BMW Coins in various ways, to then convert them into ENJ in order to monetize them.
The BMW token
BMW Coin is neither a cryptocurrency, nor a crypto token, but just an internal token in the app.
On naver.com’s blog, it is even speculated that BMW Vantage users could pay for everything related to their car in the future using the app, including petrol stations, motorways and car parks.
In other words, BMW Coin could replace loyalty points, and thanks to the conversion to ENJ they could also be monetized.
Furthermore, all BMW dealers and employees seem to have received an email inviting them to download the application, as it will be available to everyone after landing on the Korean market, regardless of whether they own a BMW.
Enjin is no stranger to collaborations of this calibre, as in December last year, for example, they announced a partnership with Microsoft, while a few months earlier they had announced a partnership with Samsung.
The ENJ token, based on the Ethereum blockchain, made its debut in the crypto markets in November 2017, at a price of $0.02, and then shot up to $0.46 in the middle of the speculative bubble in January 2018. After that bubble burst, it returned to around $0.02 in early 2019, and then fluctuated between $0.06 and $0.20 over the following months.