Token burn to take place before the end of July
BitCar Confirms Token Burn
The team at BitCar are pleased to announce the close of our token distribution. A huge thank you to all of our global team that helped with the success of the Token Sale from start to finish! From the Token Sale we 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(https://multipliercrypto.com/bitcar-limits-future-market-supply-creating-token-exclusivity/)], we will be burning the unsold tokens from our 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.
*Percentages are approximate.
The new allocation will be as follows:
- Token Generation Event cut by approximately 60 %;
- Founder’s Pool of the Team Pool will be cut by 50 %;
- Platform Growth Pool no change at this time (maybe reduced later);
- Company Token Reserve no change at this time (maybe reduced later); and
- Bounty Pool no change at this time.
Stay tuned for token burn event dates to be announced on bitcar.io.