'Strong interest' from UAE in blockchain-based luxury car platform

BitCar representative are currently in Dubai to build relationships with luxury car sellers
BitCar Co-Founder, Gov van Ek
By Bernd Debusmann Jr
Wed 07 Feb 2018 02:35 PM

Luxury car blockchain platform BitCar received significant interest from the UAE during its pre-ICO, according to BitCar executive Sheree Ip.

The company sold $4.96 million in BITCAR tokens in its pre-ICO, which it will now allocate towards purchasing exotic cars for the platform.

Currently, representatives of the company are in Dubai to strengthen relationships with sellers of vehicles such as Lamborghinis, Bugattis and Ferraris.

“BitCar saw strong interest from the UAE in our crypto car technology during our pre-ICO,” Ip said. “It was a natural progression that we decided to start our search for exotic cars in Dubai.”

The aim of BitCar is to use peg cryptocurrency to assets such as rare and exotic cars, allowing fractional ownership of an asset class which has historically outperformed gold, stocks and property over the course of the last decade.

“BitCar is targeting high-end cars as they’ve historically had much lower price fluctuations than cryptocurrencies. The BitCar platform could be a place of stability in times of crypto market volatility,” said BitCar Executive Daniel Woodroof.

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.

Last Updated: Wed 07 Feb 2018 02:33 PM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.