Blockchain company has announced it will burn all its unsold tokens after the end of its ICO, set for 20 April 2018, further limiting the future supply of BITCAR tokens.
BITCAR tokens are designed to be used in its upcoming platform to allow fractional ownership of rare exotic vehicles. These vehicles have historically outperformed many other asset classes and have not been affordable, except for the uber rich. BitCar aims to open up this market to all, in a world first.
Half of all BITCAR tokens were allocated to its 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 the BitCar economy will become even more exclusive as the supply of tokens is radically reduced,” the company said Wednesday.
BitCar was designed with a dual token economy that allows people to buy and sell their tokens outside of the BitCar platform and also use the cryptocurrency to peg its value into CAR tokens.
BITCAR tokens are also designed to be used to purchase the CAR tokens, pay trading fees, maintenance, storage and insurance.
One CAR token will 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 linking to a piece of the car’s title on the Blockchain network.
Recent innovations to the design of the BitCar platform means BitCar token holders may also be able to acquire full ownership of rare exotic cars over time, an idea backed by its multi thousand Telegram community ().
The BitCar token sale is currently in the final round of its ICO, which will close on 20 April.
To get the latest sale statistics for the BITCAR tokens, visit .
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Jeff is onto a new concept here that is interesting.
The understanding of profit and value can change. We only call profit what we understand to be profit. But what are we not counting?
There is a significant amount of intangible value within the world that crypto startups can unlock. There also a significant amount of hidden economies that would work very well with crypto (think your private taxi driver in Indonesia). People already have value, tokens just allow them to claim it.
Crypto is not a redistribution of wealth, it is a massive unlocking of wealth. This is wealth is discrete and therefore, is good for all.
February 8, 2018
We are happy to announce our partnership with Red Pulse, an event-driven research firm headquartered, incorporated, and registered in Hong Kong covering market events impacting Chinese companies, sectors and the overall economy. As part of the partnership, Red Pulse (RPX) will be the first NEP-5 based decentralized application token using our platform. NEX will develop solutions for payment services and will collaborate with Red Pulse on defining standards and APIs for the delivery of these services.
Red Pulse will be one of the first applications to, alongside NEX, bridge the traditional economy users with advanced Blockchain technology allowing professionals on the Red Pulse platform to easily onboard and offboard the RPX token with Fiat in a seamless experience.
Red Pulse is a market intelligence platform covering China’s economy and capital markets. The firm uses machine learning and natural language processing to automate and scale basic data collection, while incorporating cryptocurrency to create an open and transparent sharing economy for research. Ultimately, Red Pulse aims to solve the problem that we all face today: Information overload.
Learn more at
NEX combines the NEO blockchain with an off-chain matching engine to enable much faster and more complex trades than existing decentralized exchanges. By implementing a series of technologies for decentralized cryptographic trade and payment service, NEX wants to provide natural workflows for developers and intuitive experience for users.
Learn more at
