BitCar Launches High Tech Platform and Stable Coin With Half Million Dollar Collectors Edition Ferrari 599 GTO
History shows a piece of a limited edition Ferrari is more likely to hold its price than a volatile Alt Coin or even certain debt ridden government backed currencies - BitCar offers this new asset class, was not available until now.
PERTH, Australia, May 6, 2019 /PRNewswire-PRWeb/ -- Remember Top Trumps, the iconic 1980's card game? Well BitCar has now launched the world's first real asset tokenization software, enabling users to instantly trade actual fractions of the best performing asset class of the last decade: Rare & Exotic collectable cars, kicking off with what could be the last production Ferrari 599 GTO (only 599 were built ending in 2011), priced competitively at USD 561,000. The BitCar platform, in a world first, now allows anyone to own and trade as little as just USD 25 worth of such a car using cryptocurrency.
The new state of the art decentralized Ethereum platform, not unlike "a fusion of Crypto Kitties meets Wheeler Dealers" - was designed to allow anyone into this rare asset class that was, until now, reserved only for the extremely well healed….BitCar: "research shows it was at the top end – McLaren F1's etc, where in the past the appreciation of these Cars was spectacular, but very few of us have the half million dollars spare cash needed to participate….we have now, for the first time opened up the asset class to anyone, including retail buyers."
The Platform went live on 6 May 2019 on the Ethereum public network, and allows fast, low cost peer-to-peer trading to take place 24 hours a day, seven days a week with only cryptocurrency payments accepted. BitCar says they intend to add other Exotic Classics, Supercars & even Hypercars soon - and you get what are called digital "Car Coins" receipting your car interests (each Car Coin starts life at USD 1), somewhat like Top Trumps cards to hold or trade – but the breakthrough is in this case you are actually trading real fractions in the car(s) you own.
Commenting on the platform's launch, BitCar said: "BitCar's platform is the first of its kind – tokenizing real assets – in a user-friendly way - which can immediately and freely be traded with other users. The Cars are stored and displayed, and not driven by users to ensure they stay in top condition for their eventual sale from the Platform after 5 or 10 years."
Only the rarest and finest models from marques such as Lamborghini, Ferrari & Bugatti will make the cut says BitCar, and a growing team of approved Agents will source, acquire and store the cars for between 5 and 10 years before they are physically sold (at which point you get paid out in cryptocurrency); however, in the meantime they can be traded freely. BitCar is also set to make secondary trading easier soon, by launching its "world stock exchange of Cars" in its "Bazaar."
Buyers in the BitCar marketplace, who may wish to own a whole exotic car can even hoover up the Car Coins until they gain full ownership via the platform says BitCar: "user feedback, from our already over 2,000 BitCar token holders, was that they wanted a way to trade and ultimately own the whole car one day, so we made this possible."
Using a dual "token" structure, BitCar's Car Coins are actually a record of the acquired or traded fractional ownership, a "digital receipt" used by the platform which can also be seen as a real-world asset backed, high end "Stablecoin". This world first asset-linked high end stablecoin provides holders with relative protection in times of crypto volatility. BitCar's utility token (BITCAR) is needed to access the Platform and amongst other things to pay for fractions of cars, as well as to vote on day to day decisions with regards to the cars. The BitCar technology platform has been in research and development for over two years and the Ethereum network launch follows a test platform launch, based on the Ethereum Ropsten network on 18th April.
BitCar said "this revolution in car ownership is only in its very early stages, and that it was on the lookout for entire high-quality Car collections that could be added to the Platform, so that car fans can own a bit of the Automotive art they love…"
For media or partnership inquiries, please contact Info(at)Bitcar.io
Notes to Editors:
1. Disclaimer: Exotic car values can go up or down and past performance is no reflection of future prices. The BitCar platform will be closed in certain jurisdictions including the USA, Portugal, Singapore and Australia.
SOURCE BitCar
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