Sri Lanka will showcase the world’s first electric car project based on Cardano

As the blockchain and cryptocurrency sector continues to flourish despite bear markets, electric vehicle (EV) manufacturers are becoming more interested, and one has announced the start of an EV project based on the Cardano (ADA) network in Sri Lanka.

Indeed, the deployment of eTukTuk in Sri Lanka, the first-ever automobile project built on Cardano, was revealed on the second day of the World Economic Forum (WEF) in Davos, Switzerland, according to a January 18 story by CityAM.

Specifically, the project intends to address the infrastructure and cost issues that have previously prevented the launch of EVs at scale by developing an innovative, sustainable, and “dynamic, multi-revenue model” that would incentivize the expansion of eTukTuk’s network of charging stations and EVs via Cardano.

According to the article, the eTukTuk team will collaborate with prominent industry partners and the Sri Lankan government, where there are now 1.2 million internal combustion engine (ICE) TukTuks on the roads.

In accordance with its goals, eTukTuk wants to decrease the number of conventional ICE cars on Sri Lankan roads, reduce air pollution, and offer infrastructure.

Rosy Senanayake, the mayor of Colombo, the capital of Sri Lanka, where 70 percent of the inefficient ICE TukTuks are situated, stated:

“There will be widespread economic growth thanks to eTukTuk’s solution in Colombo and Sri Lanka as a whole. (…) The present TukTuk drivers need the economical and sustainable answer that eTukTuk offers — a solution that prioritizes their take-home income, safety, and the environment.”

Cardano’s native ADA coin is presently trading at $0.3369, up 1.50% on the day and 1.40% for the last week, for total monthly gains of 32.77 percent.

Cardano’s market value is present at $11.65 billion, making it the eighth-largest cryptocurrency by this metric, according to the most recent data obtained by Finbold on January 20 from the cryptocurrency monitoring portal CoinMarketCap.

Also Read: The Creator Of Cardano Wants To Use MLabs To Completely Change The Crypto Auction Industry