AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

XYO Enters Into Definitive Partnership With One of The World’s Largest & Fastest-Growing Electric Scooter and Rideshare Companies

April 4, 2019

SAN DIEGO--(BUSINESS WIRE)--Apr 4, 2019--XYO (Kucoin: $XYO), the geospatial cryptonetwork, today announced a new partnership with one of the world’s largest and fastest-growing electric scooter companies. The partnership aims to leverage XYO’s technology to improve interactivity with the transportation giant’s distributed electric scooter fleet, and will leverage XYO’s decentralized geospatial blockchain network as well as the company’s ability to capture, validate and store geospatial data.

As an initial step in the relationship, the companies will integrate proof-of-concept technology from XYO into the existing fleet of electric scooters around the City of San Diego. Then, with preliminary utility, benefits, cost- and power-savings, and location validation proven, the blockchain and cryptographic technology will progress towards world-wide deployment.

Backed by extensive software and hardware experience across multiple vehicle types, XYO sees location verification and its Internet of Things (IoT) beacon technology as a way to dramatically improve scooter fleet tracking and analytics, while making the entire distributed system even more cost-effective.

For the electric scooter fleet, XYO will provide location data, decentralization, and distributed oracle functionality, which, when taken together are expected to impact the transport company’s diverse user community in a positive and meaningful way. The impact may also support a more aggressive pricing model for the company, something which end-users everywhere are sure to appreciate.

To respect the discussions and integration currently underway, XYO will keep the partner name confidential until a joint announcement from both companies.

“We’re excited about this new partnership, and look forward to working very closely with the team to increase trackability and efficiency of the company’s scooter fleet,” said XYO CEO and Co-Founder Arie Trouw. “This company has its eye on innovation, and we see a good chance to create value by adding our IoT technology and blockchain technology to what promises to be an augmented solution that delivers both richer data sets and business efficiencies.”

About XYO

Since 2012, we’ve developed trusted IoT technology that connects the digital world with the physical one. In 2018, we unveiled the XYO Network, the world’s first geospatial blockchain network backed by cryptography. With more than 1 million location-verifying beacons around the planet, our technology rivals the GPS network, and radically transforms the world’s leading industries. Partners include mapping giant Esri, FedEx Research Institute, Re/Max Mexico and Spaceflight Industries. XYO Advisors come from leading organizations including National Geographic and the World Economic Forum. For more information, visit us at www.xy.company and https://xyo.network.

Facebook: www.facebook.com/OfficialXYO
Instagram: www.instagram.com/officialxyo
Twitter: www.twitter.com/officialxyo

View source version on businesswire.com:https://www.businesswire.com/news/home/20190404005242/en/

CONTACT: XYO Media Contact

Larry Smalheiser

Head of Communications

XYO

larry@xyo.network

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS DATA MANAGEMENT HARDWARE INTERNET SOFTWARE TRANSPORT SATELLITE SEMICONDUCTOR OTHER TRANSPORT COMMUNICATIONS PUBLIC RELATIONS/INVESTOR RELATIONS

SOURCE: XYO

Copyright Business Wire 2019.

PUB: 04/04/2019 09:00 AM/DISC: 04/04/2019 09:00 AM

http://www.businesswire.com/news/home/20190404005242/en