'Strong interest' from UAE in blockchain-based luxury car platform
BitCar representative are currently in Dubai to build relationships with luxury car sellers
Luxury car blockchain platform BitCar received significant interest from the UAE during its pre-ICO, according to BitCar executive Sheree Ip.
The company sold $4.96m in BITCAR tokens in its pre-ICO, which it will now allocate towards purchasing exotic cars for the platform.
Currently, representatives of the company are in Dubai to strengthen relationships with sellers of vehicles such as Lamborghinis, Bugattis and Ferraris.
"BitCar saw strong interest from the UAE in our crypto car technology during our pre-ICO," Ip said. "It was a natural progression that we decided to start our search for exotic cars in Dubai."
The aim of BitCar is to use peg cryptocurrency to assets such as rare and exotic cars, allowing fractional ownership of an asset class which has historically outperformed gold, stocks and property over the course of the last decade.
"BitCar is targeting high-end cars as they've historically had much lower price fluctuations than cryptocurrencies. The BitCar platform could be a place of stability in times of crypto market volatility," said BitCar Executive Daniel Woodroof.
Source: Arabian Business