Screenshots of a new application appeared in the Korean blog naver.com, by looking at which one can figure what is BMW going to be doing with the Korean Enjin Token.
Basically, this is a BMW Vantage application, created in the framework of the customer loyalty program in effect in South Korea. In it, the owners of BMW coins will be able to convert them into ENJ tokens.
As a consequence of this news, that has not yet been confirmed by a German manufacturer, for half an hour the price of ENJ increased from less than $0.16 to almost $0.17, or in other words – increase by 7%.
The BMW Vantage application allows users to get BMW coins by different methods, and then turn them to ENJ. This means that BMW Coin is not a cryptocurrency, but rather an internal token of the application.
The blog naver.com shares the preposition, that in the future the BMW Vantage users be able to carry out with the help of a coin any payments associated with their car, for example, at gas stations, auto shops, and at highways.
In other words, BMW Coin can replace the so-called loyalty points, and its conversion to ENJ will allow you to redeem them in the form of crypto monetization.
As of now, all BMW dealers and employees in Korea have received an e-mail with a request to download the application as soon as it becomes available after entering the Korean market, regardless of whether they actually have a BMW or not.
The ENJ token, that is fully based on the Ethereum blockchain, debuted on the cryptocurrency markets in November 2017 costing around $0.02. it went up to $0.46 in January 2018.
After that, as the bubble burst, at the beginning of 2019, the cost returned to the mark of $0.02, and during the next months, it fluctuated between $0.06 to $0.20.
