BitCar.io, a Perth-based company which intends to use cryptocurrency and blockchain to create shared investments in luxury sports cars, recently raised approximately AUD6.1 million in a pre-Initial Coin Offering (ICO) in Singapore.
The blockchain company is looking to raise AUD25 million for its project and sold 75 million BITCAR tokens, worth S$6.5 billion, before the ICO begins in Singapore this afternoon, offering a maximum of 175 million tokens.
The business will now set up in Singapore for tax and regulatory purposes as regulators in Australia still grapple with the burgeoning cryptocurrency market.
BitCar is developing a Blockchain platform that offers cryptocurrency payments for fractional ownership of collectable hyper and classic car brands such as Ferrari, Lamborghini and Bugatti.
The business plans to store or display the cars it buys on behalf of investors for up to 15 years, hoping they will appreciate in value before selling them.
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