Miami 17th January 2018 – Blockchain company BitCar is showcasing its fractionalised peer-to-peer exotic car trading platform technology at the North American Bitcoin Conference in Miami, United States.
BitCar is a key sponsor of the event and will use the conference to disseminate its technology.
“Cryptocurrency specialists from all over the world will be in Miami to hear about BitCar’s Blockchain technology, which is set to disrupt ownership of exotic and high-end classic cars,” said BitCar co-founder Dr. Gov Van Ek.
“BitCar also has the potential to change the automotive shared services industry, which is very large and so far hasn’t been undisrupted by crypto,” he added.
BitCar has been in development for over two years. It’s a decentralized platform that facilitates the fractional ownership of exotic cars as a collectible asset.
The cars will be visible and displayed in public locations, such as galleries and airports.
“We have a proven track record in this space, having co-founded energy trading platform Power Ledger. We love conceiving and executing on disruptive technology that challenges traditional business models,” said Dr. Dan Ek.
BitCar is also connecting to the booming gaming industry and expanding into shared services in the automotive industries.
“We are not just another Blockchain or payment platform in a crowded market. We have developed some impressive tech, and with our first mover advantage, we are excited about the potential for BitCar,” said Dr. Van Ek.
BitCar was co-founded by Dr. Gov Van Ek and Nuno Martins – two well-known figures in the Blockchain community.
Rare exotic cars such as Lamborghinis, Ferraris, and Bugattis will be acquired for BitCar and stored or displayed for up to 15 years and some could appreciate in value over this time.
The concept involves the tokenization of cars on BitCar’s decentralized Blockchain platform. People can use their BITCAR tokens to trade on the platform.
“High-end cars have lower price fluctuations than regular cryptocurrencies, so we see one potential use of the BitCar platform as a place of stability in times of crypto market volatility,” said Dr. 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.
“BitCar will be the first Blockchain platform in the world that makes exotic car ownership accessible to everyone, not just the uber-wealthy,” said Dr. Van Ek.
According to the Knight Frank Luxury Investment Index, valuable automobiles have strongly outperformed gold, US stocks, private equity, and REITs over the past three years.*
The RM Sotherby’s New York 2017 Auction of exotic cars recorded US$45.5 million sales. A1959 Ferrari 250 GT LWB California Spider Competizione, chassis 1451 GT, sold for $17,990,000 – well above the reserve.*
“Some of the recent high prices at auction demonstrate the high level of confidence in the authenticity and desirability of these cars. What struck me during our research, was that about eighty percent of these cars are sold peer-to-peer,” said Dr. Van Ek.
“They are very attractive visually and they are the only collectible asset that can’t easily be faked, unlike wine and art,” said Dr. Van Ek.
BitCar is working with ASX-listed DigitalX – the corporate advisor for the ICO. DigitalX is well connected with cryptocurrency specialists, including in the United States.
For more information go to www.bitcar.io.
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heidi.cuthbert@multiplier.com.au
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