Singapore-based BitCar gets backing from $300m crypto fund

Jon CuthbertFebruary 15, 2018

Blockchain platform BitCar has revealed Dubai-based US$300 million regulated digital currency fund AlphaBit has acquired a substantial number of BitCar tokens.

AlphaBit is a hybrid between an open-ended mutual fund and a hedge fund, which is investing in digital currency assets around the world after raising US$300 million last year.

“We believe that the tokenisation of tangible assets is a significant emerging trend in the Blockchain technology space and we see BitCar as having an enduring business model for tokenising assets in the automotive sector,” said AlphaBit CEO Liam Robertson.

BitCar’s Blockchain technology platform will facilitate the pegging of cryptocurrency to scarce hard assets, such as rare and exotic cars – which have historically outperformed gold, stocks and property over the last ten years.

“The volatility in the cryptocurrency markets in recent weeks further validates the potential for BitCar to be a store of value during times of crypto market uncertainty,” said BitCar Executive Charles Kilborn.

The highly focused Blockchain platform could be a game changer for the global car industry, beginning with exotic vehicles.

Rare exotic cars such as Lamborghinis, Ferraris and Bugatti’s will be acquired for BitCar and stored or displayed for up to 15 years.

“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,” added Mr Kilborn.

BitCar has already sold SGD $8.2 million worth of BITCAR tokens.

There are fewer than 160 million BITCAR tokens still available. Unless sold out earlier, tokens will remain on sale until the ICO concludes on 28 March at 3pm (Singapore time).

Note: BITCAR buyers are eligible for a 15% bonus on their purchase.

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