Switzerland just took the blockchain sector to a whole other level – enter the first tokenized car.
What Happened?
The world has now been informed that a Porsche dealer in Switzerland has teamed up with TEND, which is an ethereum-powered market, to put a luxury sports car on a blockchain. Not just any sports car, either. For the app’s first ever tokenized car, TEND and Porsche Zentrum Zug will be offering a 1956 Porsche Speedster 356A. Cool, right?
What Do We Know?
Essentially, the 1956 Porsche Speedster will be divided into token-based shares that will be both traded and registered on the ethereum-powered automated marketplace. According to Marco Abele, founder of TEND, the app helps to fulfill the “modern generations” yearning for luxury assets. Abele also stated that the app is going to help to expand the generation’s access to these luxury assets.
As for Porsche Zentrum Zug, the Switzerland dealer will act as the “physical platform” for the app. The dealer’s role is to handle things like giving the keys to share-owners and providing maintenance of the 1956 Porsche Speedster.
To top it off, if all goes as planned, both the startup and the Porsche dealer have announced that they plan to bring more cars onto the blockchain platform. In fact, TEND has apparently already had a number of discussions with other brands. I don’t know about you, but I’m hoping Tesla (NASDAQ:TSLA) is one of those brands.
The Takeaway
As exciting as this news is, the general manager of Porsche Zentrum did state that it is “too soon to say that we’re on the cryptocurrency train.” However, Becker-Fahr did state that working with TEND is the start for the dealer, even though they “don’t know where it will lead.”
Even if the dealer decides to not pursue any more blockchain applications, partnering with TEND is still extremely monumental.