Welcome to 2020. We hope you have all had a fantastic start to the new year. We have decided to put together an official update to summarise recent updates from 2019.
Firstly, for the avoidance of doubt, BitCar founders don't own nor have driven the Ferrari 599 GTO. The car is stored safely in immaculate condition in a storage facility that is secure. The only time the vehicle has been out of storage was for the BitCar launch party in London last year and for our marketing at the Goodwood Festival of Speed.
The team was incredibly proud of their efforts in delivering on the milestones that we set out in the White Paper. The Platform was built, then launched in April as a minimum viable product with the first car. The platform launch was a result of the incredible technical achievements of the development and legal teams.
Unfortunately, BitCar received minimal recognition for the accomplishments due to the very poor sentiment in crypto. This was beyond disappointing given that BitCar was responsible for one of the largest ever blockchain projects on Ethereum. However, this was likely a reflection of how far sentiment has sunk in this space, despite us having numerous PR agencies engaged and involved in the marketing. Due to poor platform take up and the continued decline of crypto, the BitCar platform was halted. As per the terms and conditions available on the website, all platform car token holders have been repaid by the Agent in Ethereum, plus 10 per cent (at the then-current ETH price of USD $144.50). These funds were sent directly to each Car Token Ethereum address. Please be advised that all the 599 GTO Car tokens are hence now no longer tradable/void, given they have been fully refunded in ETH by the Agent. BitCar however, is currently continuing to look at ways of delivering on its original vision at this time.
In the event that the new launch project does not go ahead, BitCar may decide to liquidate the 599 GTO and enter a liquidation programme which would be designed by the company’s legal advisors. A decision on this will be made as soon as possible, however we will first require certain regulatory and commercial outcomes, which may extend this process in Q1 2020. This programme would be set up to allow BitCar token holders to sell/redeem their tokens for Ethereum, subject to applicable terms and conditions. We do not have any further details at this time, and a re-launch is still being looked into.
BitCar will continue to announce news/updates to the community via the blog on BitCar’s website. We are unable to preannounce anything until there are updates so please stay tuned.
Thank you for your patience and continued support. Please rest assured we are very disappointed that our efforts did not lead to solid demand for the product. We hope this answers some of the recent questions.