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 tokenized and investors will be able to park their crypto in BitCar tokens, which can be traded on the decentralized Blockchain platform.
BitCar co-founder Gov Van Ek said:
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 investors an opportunity to gain exposure to these high performing assets.
BitCar has been established by Ledger Assets, the same Blockchain commercialization company behind the AUD$34 million ICO of Power Ledger.
Power Ledger’s POWR tokens are now a top 25 global cryptocurrency and have experienced a ten-fold increase in value since the October ICO.
Mr. Van Ek said:
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.
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.
Mr. Van Ek said:
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.
BitCar is working with ASX-listed DigitalX – the corporate advisor for the ICO. DigitalX will connect BitCar to its global network of cryptocurrency investors.
DigitalX CEO Leigh Travers said:
The rise in the value of cryptocurrency this year has created a new breed of investors who now have significant holdings of digital currency. They are looking for quality assets to invest in.
BitCar will be issuing up to 250 million in the token sale, which will open on December 16.
For more information go to www.bitcar.io
Media Contact
Heidi Cuthbert
+61 411 272 366
[email protected]
Images courtesy of BitCar
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