News and Announcements
Global fund, AlphaBit, buys BitCar tokens
- Published March 08, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- BitCar’s bid to become the primary digital currency for the automotive industry gets a boost as AlphaBit purchases a significant amount of BitCar tokens.
- BitCar allows all car enthusiasts to get a chance to own even a fraction of the very expensive classic or exotic cars.
- Through digital currency, BitCar is set to disrupt the automotive industry.
BitCar is on its way to becoming the favoured digital currency for the automotive sector after Global fund AlphaBit, known for its notable investments in digital currencies, purchased BitCar tokens.
AlphaBit, which was launched with a $300-million target, is eyeing the increasing demand for virtual assets such as virtual currencies as it would promote borderless and instant transactions. AlphaBit, which started with an initial capital of $1 million, is registered both in the Cayman Islands and Dubai.
The automotive industry is one sector that has not yet joined the blockchain technology revolution, However, Charles Kilborn, an executive from BitCar, said it intends to become “the main cryptocurrency for the automotive industry.”
The virtual currencies sector has increased its capitalization by an
overwhelming 260 percent last year and over 60 percent this year.
The past year has seen the emergence of several digital currency funds such as Polychain Capital. This digital currency alone has raised $15 million in the past months.
“As you see the digital currency market progress and grow, we have seen professionals come to the market, allowing the sector to become a more streamlined and professional space,” AlphaBit co-founder Liam Robertson said. “The sector is now in a great position to further strengthen and grow.”
With BitCar, investors can now trade exotic car fractions using
cryptocurrency. The beauty of using cryptocurrency in trading exotic cars is that it provides some form of protection to the owners in case the cryptocurrency becomes too volatile.
Through this blockchain technology, investors in the large automotive industry get fractional ownership of the vehicles. Prior to this technology, only the very wealthy are able to own these exotic cars or classic cars.
With BitCar, everyone interested in owning even the classic cars will now be able to purchase a fraction of the exotic cars. They can even engage in the P2P trading platform involving the exotics.
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