Tata Elxsi joins hands with Cultos Global to integrate NFT Token mechanism; stock gains

Tata Elxsi share price: Shares of Tata Elxsi gained as much as 1.49 per cent to Rs 7,750 apiece on the BSE on Friday, June 2, after the company informed exchanges it has partnered with Cultos Global to integrate a Blockchain mechanism from Cultos Global with its TETHER Connected Vehicle Platform, to create an innovative Driver Reward Program. 

The stock eventually ended at Rs 7,698 on the BSE, up nearly a per cent.

The company further said, "This unique proposition of tracking driver behaviour using rich analytics from the cloud-first TETHER connected vehicle platform, augmented with ADAS and driver monitoring features, enables an entirely new way of positively impacting driver behaviour, incentivised through a high-trust and high-privacy blockchain model."

This integrated solution will provide mobility players with a dynamic rewards platform that enables consistent engagement and positive behaviour modification through gamification. The driving scorecard which gets translated to tokens is a single digital identifier for a user and can be used across the ecosystem. It will give access to first-party data for mobility providers with enhanced privacy for end consumers. It has a wide range of applications ranging from use for insurance to incentives for safety and reliability, etc, the company's press release added. 

Commenting on the deal, Pavan Govindan, CEO at Cultos Global, said, “Cultos complements TETHER offering by providing a single digital identifier for every customer. This not only increases engagement for mobility providers and their customers in the form of tokens that can be redeemed for different Loyalty/Rewards, but it can also be interoperable and can be liquidated."

About Tata Elxsi

Tata Elxsi is amongst the world’s leading providers of design and technology services across industries. Tata Elxsi’s solution accelerators and platforms for the automotive and mobility industry include TETHER – the cloud-first connected car platform; Autonomai – a comprehensive AD / ADAS middleware and validation suite; AI solutions for driver monitoring and video analytics,
and TE ATOM, a DevOps engine for the deployment of high-velocity and hyper-scale services.

About Cultos Global

Cultos Global, as per the press releases, provides a web3 rewards platform, where customers can launch branded tokens to incentivise their customers, fans or followers to drive various actions. Cultos provides custodial wallets, NFT minting and liquidity off-ramps for branded tokens through API or e-commerce integrations, the release said further.