There is nothing comparable when you have the steering wheel of a vehicle with serious horsepower and the svelte design with the best technology on top under your feet it will definitely have you the adrenaline rush that you were always craving for. There are many car enthusiasts that would love to own a Bugatti, Lamborghini or Ferrari, but for the majority, the supercar of their dreams is completely out of their financial reach.
Bitcar, a blockchain-based platform was emerged to change ownership of ultra-luxury vehicles by making them accessible to everyone.
After the continuous crash of the cryptocurrency from its peak since January, everyone is doubting on the stakes they had put over the new technology. The fall seems harder on charts when compared to the Dot-Com fall in 2000.
Blockchain luxury car sharing group BitCar is putting a brave face on the cryptocurrency crash as it attempts to steer away from the wreckage, negotiate a Singaporean tax liability and find another domicile as the island city-state tightens its crypto laws.
The company have lost about $7 million of the original capital subscribed in April as the price of Ethereum has plunged from $US800-$US1300 at the time of the initial coin offering (ICO) to around $US190. Bitcar said, “The effect of all this is that BitCar has had to slash its monthly burn costs with marketing and exchange listing expenditure slashed. Exchange listing fees can run into the millions of dollars now.”
Gov van Ek, Co-founder of BitCar said a team of developers is formed and he expects to deliver its decentralised blockchain-based platform for sharing ownership of the luxury cars.
“The crypto crash is brutal for everyone,” Mr van Ek said. “I put in my own money as well. We have lost money but having said that we are working on our platform and I am hoping people will hold their BitCar tokens.”
He further said BitCar was lucky to have raised some hard cash to put towards the business and had not lost everything in the crypto crash like some more recent entrants to the market. It had also employed some young people.
“We are trying to keep them positive throughout this crypto crash. Luckily we have got the resources to deliver the platform.” BitCar tokens buy the investors a share in collectable cars such as Ferraris, Bugattis and McLarens.
Singapore is having a different agenda for the securities that will provide a different angle to the weight of securities regulation which a crypto firm desires to avoid.