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Porsche Invests $6 Million in Blockchain Vehicle Management Platform

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written by

Talha Dar

BITCOIN NEWS,
April 30, 2020

Porsche invests in a blockchain-based vehicle management company.

Prominent German Luxury/performance vehicle manufacturer Porsche has invested early on a blockchain-based vehicle management platform called Gapless. The total funding acquired by Gapless is around 5.5 million EUR (6 Million USD) with Porsche becoming a part of the investment group that also includes FinLab EOS VC Fund and Kersten Jodexnis.

The move was reported the Tech.eu and these funding companies are looking to own a stake in a key application that allows immutable recording of vehicle manufacturing and their history. Gapless declared that it has over 50,000 vehicles on its roster in Europe right now and is now looking to expand its functionality and scale its platform for the future.

As for Porsche, the luxury brand that gave the world iconic cars like the 911, Boxter, 918 Spyder, and Carrera, the move is to get involved in the new industry on a more practical footing. The end goal of the company is to increase consumer participation and experience that they have come to expect from the company.

Various other automobile manufacturers including General Motors, Volkswagen Motors are involved in the blockchain sector and looking to harness its immense potential.

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Talha Dar

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