BitCar to tap crypto car enthusiasts with $26 million ICO

December 14, 2017, 9:44 AM AEST - 4 years ago



BitCar to tap crypto car enthusiasts with $26 million ICO

Australian blockchain platform BitCar is seeking to raise AU$26 million in an Initial Coin Offering (ICO) aimed at cryptocurrency car enthusiasts.

Exotic cars such as Lamborghinis, Ferraris and Bugattis will be acquired by BitCar and stored or displayed for up to 15 years while they appreciate in value.

The cars will be tokenised and investors will be able to park their crypto in BitCar tokens, which can be traded on the decentralised Blockchain platform.

“Exotic cars have been one of the world’s best performing asset classes over the past decade, outperforming property and gold. BitCar is giving ordinary people an opportunity to gain exposure to these high performing assets,” said BitCar co-founder Gov Van Ek.

BitCar has been established by Perth-based Ledger Assets.

“We have a proven track record in the development of disruptive technology that challenges traditional business models. With BitCar we wanted to make luxury car ownership accessible to everyone, not just the uber wealthy,” said Mr Van Ek.

Verified agents will source, acquire and store the exotic cars for a period of between 5 and 15 years, at which point they’ll be sold and the asset appreciation distributed amongst token owners.

“It’s a bit like collecting art, only the picture of your car is on your screensaver, not in a gallery. It’s the only collectible asset class that can’t be faked, which is why we saw it as the lowest risk,” said Mr Van Ek.

BitCar is working with ASX-listed DigitalX - the corporate advisor for the ICO. DigitalX will connect BitCar to its global network of cryptocurrency investors.

BitCar will be issuing up to 250 million in the token sale, which will open on December 16.

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