We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 31 Jan 2018 09:18 AM

Luxury car blockchain platform raises nearly $5 million in pre-ICO

Singapore-based BitCar believes the UAE and GCC are 'perfect' for the tokenised fractional ownership of exotic cars

Luxury car blockchain platform raises nearly $5 million in pre-ICO

Blockchain company BitCar.io has sold $4.96 million of its BITCAR tokens in its pre-ICO, the company announced on Wednesday.

Using the BITCAR tokens, car enthusiasts are able to own “fractional” ownership of luxury vehicles including Lamborghinis, Ferraris and Bugatti’s. The BITCAR tokens can also be traded on a decentralised blockchain platform.

A total of 75 million BITCAR tokens were purchased in the pre-ICO, with up to a maximum 175 million tokens being made available in the company’s ICO, which begins January 31 at 3 PM Singapore time.

“BitCar’s platform is designed to allow users to peg their crypto to scarce hard assets, like rare and exotics cars, some of which have outperformed gold, stocks and property over the last decade,” BitCar co-founder Dr. Gov Van Ek. “BitCar is targeting high-end cars as they’ve been historically much had much lower price fluctuations than cryptocurrencies.”

Additionally, BitCar recently announced partnerships with a number of crypto car traders, including the UK based Dadiani Syndicate, which recently sold F1 cars to Chinese investors paying in Litecoin, as well as crypto car trader Moonlambos, which plans to accept BITCAR tokens as payment.

In a recent interview with Arabian Business, BitCar car specialist Daniel Woodroof explained that BitCar sees the UAE and the rest of the GCC as a “natural fit” for the concept of fractional luxury car ownership.

“We think it’s perfect. It targets both of the verticals we’re in, cars and crypto. There is a huge amount of interest in crypto and blockchain technology in this part of the world,” he said. “and, of course, this is the region with the highest amount of luxury cars per capita in the world.

“If we’re able to open that up to even more people in this region through fractional ownership, I definitely think the interest is already there,” he added.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.