Blockchain Company BitCar.io announced that it has so far raised SGD 6.5 million of BITCAR tokens in its ongoing pre-ICO sale. The Singaporean company made this statement amid strong interest for its exotic car pegging and trading platform.
The company reported that 75 million BITCAR tokens were purchased in the pre-ICO out of the total 175 million tokens it has made available for its ICO, which kicked off 31 January at 3 P.M Singapore time.
BitCar is a luxurious car company in Singapore that is currently developing its Blockchain platform which will make it possible for users to make payments using cryptocurrencies for fractional ownership of highly collectible hyper and classic cars.
The co-founder of the company Dr. Gov Van Ek stated that “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.”
The company plans to acquire rare exotic cars such as Lamborghinis, Ferraris and Bugatti’s and will store them or display them for a period of roughly 15 years, as most of these cars appreciate with time.
The CEO of BitCar Dan Woodroof commented that “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 a place of stability in times of crypto market volatility.”
BitCar added that the second phase of their platform development is the establishment of a mechanism for returning asset appreciation to owners. The BitCar blockchain platform has the potential to change the entire car industry, starting with exotic vehicles.
An executive of the company Charles Kilborne added that “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 a related internet of things applications.”
The company recently announced some partnerships with crypto car traders including UK-based Dadiani Syndicate. Dadiani Syndicate not long ago sold F1 cars to Chinese investors who paid in Litecoin. BitCar also announced a partnership with crypto car trader Moonlambos.
Dr. Van Ek added that “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.”
BitCar has been researching and developing their tech platform for over two years now and they already have a functioning prototype.
Dr. Van Ek further said that “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.”
For their ICO, BitCar is working with ASX-listed DigitalX, seeking advice on how to coordinate their token sales.