Car Sharing Firm Gets $10 Million, Adds Bitcoin Payments

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Car Sharing Firm Gets $10 Million, Adds Bitcoin Payments

The India-based, Y-Combinator-backed car sharing firm, Drivezy, just raised Rs 65 crore ($10 million). The company has used the funds partly to begin accepting bitcoin payments on their platform. In all, the company has raised a total of $16.5 million (Rs 107 crore) from a variety of different sources. An equity investment totaling $5 million has been made by Japanese and American firms.  

Also read: England Can Now Use Left-Over Change to Automatically Buy Bitcoin

Car Sharing Firm Gets $10 Million, Adds Bitcoin Payments

The firm’s CEO, Ashwarya Singh, told Econotimes they had just begun accepting bitcoin payments. He said, “We have started accepting cryptocurrency such as bitcoin for transactions on our platform. We have seen 150-160 transactions through that mode so far.“

Drivezy plans on using its fundraising to further streamline the bitcoin acceptance process for their ride sharing software.

Partnership with Unocoin to Enable Bitcoin Payments

The company has partnered with Unocoin to help make the bitcoin transactions streamlined. The company also launched an initial coin offering for Drivezy. Their own cryptographic tokens allow people to own stake in the company and possess part of their vehicle fleet.

Drivezy has partnered with Unocoin to enable bitcoin transactions and has also launched its Initial Coin Offering (ICO) to enable ownership of vehicles on its platform across the globe through bitcoins. The offering will allow individuals to buy or invest in the cars and purchase cryptographic tokens entitling them to a share of the revenue generated by rental transactions on the platform.

A Societal Shift to Bitcoin Payments; Drivezy Future Plans

This move to accept bitcoin payments as the company grows represents a shift to bitcoin acceptance with many car-related startups. For instance, Uber just brought on a pro-bitcoin CEO who previously worked for Expedia, and got the company deeply involved with Car Sharing Firm Gets $10 Million, Adds Bitcoin Paymentsaccepting bitcoin payments. It is possible Uber could eventually bring on bitcoin as payment option as well. Independent Uber drivers are already exploring this option.

In this regard, Drivezy is already in the bitcoin acceptance fast lane. The company is taking initiatives to widen its base of operation in India. They are going to be launching new cycle rentals next month, as well as operations for all vehicles. Singh said, “We will be launching cycle rentals in Bengaluru next month. We are also looking to launch operations (for cars and bikes) in Kochi, Udaipur, Chennai and Hyderabad next.“

In terms of spreading bitcoin usage and adoption, the young car sharing firm is making headwind and setting the stage for more mainstream adoption in India.

What do you think about car sharing firms embracing bitcoin payments? What do you think about the future of bitcoin-fueled ride-sharing and car sharing applications? Let us know in the comments section below.


Images courtesy of Shutterstock and Wikipedia


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Fundstrat Global Advisors Create Bitcoin Indexes

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Fundstrat Global Advisors Create Bitcoin Indexes

Bitcoin bull and independent research boutique, Fundstrat, reveals its new five indexes to monitor cryptocurrencies. Aimed at institutional investors, FS Crypto FX indexes are the most recent and prominent speculation instruments and a first for Wall Street insiders.

Bitcoin 55K USD in 5 Years

After bitcoin reached gold parity in Spring, highly cited Wall Street prophet Thomas Lee’s, A framework for valuing bitcoin as a substitute for gold, caught media fire.

In it, Mr. Lee, co-founder of Fundstrat Global Advisors (FGA), explicitly concluded “bitcoin’s value per unit could be $20,000 to $55,000 by 2022.”

Divination is nothing new in the cryptocurrency space, but Mr. Lee, former analyst for JPMorgan Chase, was the first well-known trader to dabble so flagrantly.

Fundstrat Global Advisors Create Bitcoin Indexes
Thomas Lee

Taking-on the standard for value, gold, was an equally gutsy move for a vested financial guru.

That bitcoin has since nearly doubled has only buttressed his legend.

Talk Meets Walk

Cryptoassets, essentially classifying cryptocurrencies as stand-alone equities or commodities, even basket-ing them like a mutual fund, are the financial sector’s latest attempt to mainstream digital currency.

Fundstrat Global Advisors Create Bitcoin Indexes
William Mougayar

Summer of this year saw Roger Bryan’s Digital Currency Index (DCI) become essentially an industry benchmark. It weights by price, taking an average of 30 digital currencies traded on Kraken and Bittrex. Listed currencies are determined by market capitalization, and recalculated every quarter (three months).

More recently, William Mougayar announced his eponymous High Growth Cryptoassets Index (WMX). His index uses “strategic selection” to place over one dozen currencies in order of weighted rank percentage.

Both DCI and WMX are available as products.

Thomas Lee Toe Dip

Fundstrat’s Mr. Lee continues to make headline howling predictions, asserting bitcoin’s trading volume could overtake that of Apple.

Daily trading of top cryptocurrencies is getting close to 4 billion USD, surprising many finance professionals and, again, aiding in Thomas Lee’s prophetic street cred.

Trading volume of the present sort could mean there is wide interest and relative excitement.

Due to the potential of both, FGA announced its own set of research indexes, FS Crypto FX. All five would measure the market’s viability and vibrancy over time.

Think of them as crypto’s answer to the S&P 500 (FGA’s indexes add up to over 600 digital currencies).

CNBC’s intrepid reporter, Evelyn Cheng, who covers Thomas Lee extensively, was able to get a breakdown of FGA indexes:

FS Crypto 10 — tracks the 10 largest and most liquid digital currencies including bitcoin, ethereum, ripple, litecoin, dash, IOTA and monero.

FS Crypto 40 — tracks the top 11 to 50 digital currencies by market value and liquidity including NEM, bitconnect and Lisk.

FS Crypto 250 — tracks the top 51 to 300 cryptocurrencies by market value and liquidity including BitcoinDark, Singular DTV and FirstCoin.

FS Crypto 300 — tracks the 300 largest digital currencies by market value and liquidity.

FS Crypto Aggregate — tracks the performance of 630 digital currencies.

For all his seeming bravado, this is but a toe dip for Mr. Lee. None of FGA’s indexes are purchasable.

More importantly, institutional investor service providers such as Mr. Lee’s company are an important first step for Wall Street to formally enter the bitcoin ecosystem in a big way.

What do you think? Are cryptocurrency indexes a sign of anything significant? Are Mr. Lee’s predictions particularly sound? Tell us in the comments below.


Images courtesy of: Fundstrat, Jure Makovec Times.si.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. 

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