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BitCar raises SGD 6.5 million in pre-ICO “Crypto for the Car industry”

February 1, 2018 Financial No Comments Email Email

Blockchain company BitCar.io has sold SGD 6.5 million of BITCAR tokens in its pre-ICO, amid strong interest for its exotic car pegging and trading platform.

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  31 January at 3 P.M Singapore time.

Singapore headquartered BitCar is developing its Blockchain platform that will facilitate cryptocurrency payments for fractional ownership of highly collectible hyper and classic cars.

“BitCar’s platform is designed to allow users to peg their crypto to scarce hard assets, like rare and exotic cars, some of which have outperformed gold, stocks and property over the past decade,” said BitCar co-founder Dr. Gov Van Ek.

Rare exotic cars such as Lamborghinis, Ferraris and Bugatti’s will be acquired for BitCar and stored or displayed for up to 15 years – and historically these cars appreciated over time.

“BitCar is targeting high-end cars as they’ve historically had much lower price fluctuations than cryptocurrencies. Our feedback has been that one immediate use of the BitCar platform is as a place of stability in times of crypto market volatility,” said BitCar Executive Dan Woodroof.

Developing a mechanism for returning asset appreciation to owners will be the second phase of platform development.

The highly focused Blockchain platform could be a game changer for the global car industry, beginning with exotic vehicles.

“BitCar is aiming to become the main cryptocurrency for the automotive industry, which is a sector that has yet to see any disruption from Blockchain technology, despite car ownership falling as ride sharing rises. We are already planning applications in this shared economy, autonomous vehicles and in related  internet of things applications,” added BitCar Executive Charles Kilborne.

BitCar has recently announced partnerships with crypto car traders including UK-based Dadiani Syndicate who recently sold F1 cars to Chinese investors paying in Litecoin, as well as crypto car trader Moonlambos.

“Moonlambos has advised us it plans to accept BITCAR tokens to purchase exotic cars, so we are already emerging as the car industry’s payment coin. We are all highly motivated and excited about BitCar’s potential,” said Dr. Van Ek.

The BitCar technology platform has been in research and development for over two years with a functioning prototype.

“We have a proven track record in this Blockchain innovation space. Our passion is conceiving and executing on disruptive technology that improves traditional business models, by using Blockchain technology. BitCar was conceived and developed over a relatively long time and ticked all our boxes,” said Dr. Van Ek.

BitCar is working with ASX-listed DigitalX – advisor to Bitcar for the ICO.

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