BitCar Token Burn to Take Place Before the End of July

KEY TAKEAWAYS:

• BitCar announces the close of their token distribution
• They will be burning the unsold tokens from their April Token Sale
• The planned Token Burn represents approximately 60 per cent of the initial public sale amount of 250M tokens
• No tokens will be released until at least 5 cars have been listed on the Platform and the last token release will be after 15 cars are on the Platform

BitCar Confirms Token Burn

The team at BitCar are pleased to announce the close of their token distribution. They send out a huge thank you to all of their global team that helped with the success of the Token Sale from start to finish! From the Token Sale BitCar sold a total of 98,422,129 BITCAR tokens, with the SGD 9.24M Token Sale completed on 20 April 2018.

Token Burn & Allocation Balance

As previously announced, they will be burning the unsold tokens from their April Token Sale. Holders of BITCAR tokens will be pleased to know the unsold amount of 151,577,871 BITCAR from the 250M tokens, are now set for a burn reducing the circulating supply.

Founding Team Volunteers For Token Burn and Apply New Escrow Provisions

The planned Token Burn represents approximately 60 per cent of the initial public sale amount of 250M tokens, significantly reducing the number of coins in circulation.

BitCar’s founders have volunteered for a token cut. Their combined allocated holdings will also be burned by approximately 50 per cent.

The new escrow periods for Founder tokens are only released according to the number of the cars sold via the platform. No tokens will be released until at least 5 cars have been listed on the Platform and the last token release will be after 15 cars are on the Platform. Information on the future release of Founder tokens will be announced on Bitcar.io.

The new allocation will be as follows:

1. Token Generation Event cut by approximately 60 per cent;
2. Founder’s Pool of the Team Pool will be cut by approximately 50 per cent;
3. Platform Growth Pool no change at this time (maybe reduced later);
4. Company Token Reserve no change at this time (maybe reduced later); and
5. Bounty Pool no change at this time.

Stay tuned for token burn event dates to be announced on bitcar.io.

About BitCar

In a world first, the BitCar platform allows fractionalized ownership and decentralized peer-to-peer trading in Exotic Cars with a new BITCAR token. Imagine being a part-owner of a Ferrari F40, Maserati MC12 or Bugatti Veyron just to name a few. Owners can peg their crypto to these hard assets for protection during times of high crypto volatility.

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