Porsche Invests $6 Million in Blockchain Vehicle Management Platform

written by

porsche

Support free journalists: > send a tip

  • 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.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: pixabay.com

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Latest on Bitcoin News

   Advertisement