News and Announcements
BitCar Token Burn Announcement
- Published April 11, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Key takeaways:
- BitCar announces they will burn all unsold tokens after the end of the ICO
- BitCar aims to open up the exotic car market to all
- BitCar limits future market supply creating token exclusivity
BitCar will burn all unsold tokens after the end of the ICO, set for 20 April 2018, further limiting the future supply of BITCAR tokens.
BITCAR tokens are designed to be used in our upcoming Platform to allow for fractional ownership in rare exotic vehicles. These vehicles have historically outperformed many other asset classes and have not been affordable, except to the uber rich. BitCar aims to open up this market to all, in a world first.
Half of all BITCAR tokens were allocated to our public and private token sale, raising over SGD 9 million to date – but any that aren’t sold (by the end date of the ICO) will be ‘burned’, a cryptocurrency term meaning the tokens are permanently destroyed.
The positive effect from burning the remaining tokens means that the BitCar economy will become even more exclusive as the supply of tokens is (removed radically) reduced.
BitCar was designed with a dual token economy, that allows people to buy and sell their BITCAR tokens outside of the BitCar platform and also use the cryptocurrency to peg its value into CAR tokens.
BITCAR tokens are designed to be used to purchase the CAR tokens, pay trading fees, maintenance, storage and insurance. They are also accepted by exotic car dealerships like Moonlambos in the US and UK.
One CAR token is to initially be valued at US$1, meaning that if, for example, a McLaren F1 worth $15 million was on-boarded onto the BitCar platform, there would be 15 million McLarenF1#001 tokens (CAR tokens) created.
By purchasing the related CAR tokens, users would be linked to a piece of the car’s title on the Blockchain network.
Recent innovations to the design of the BitCar platform means that BITCAR token holders may also be able to acquire full ownership of rare exotic cars over time, an idea backed by our Telegram community.
The BitCar Token Sale is currently in the final round of the ICO, which will close on 20 April.
About BitCar
In a world first, the BitCar platform allows fractionalized ownership and decentralised peer-to-peer trading in Exotic Cars with a new BITCAR token. Imagine being a part-owner of a Ferrari F40, Maserati MC12 or Bugatti Veyron just to name a few. Owners can peg their crypto to these hard assets for protection during times of high crypto volatility.
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