Cryptocurrencies and tokens are opening up more and more opportunities for people. Electric car-sharing service provider Eloop allows its users to invest in Tesla Model 3s, which are used in the car sharing fleet, bringing profit to its investors.
In 2019, the Viennese company Eloop launched its EV exchange service in Vienna, with the goal of giving its users the opportunity to profit from its car fleet using blockchain and cryptocurrencies. Anyone can buy the so-called Eloop One Token (EOT), and become a participant in the rental of Tesla Model 3 cars in the car-sharing park.
Testing of this system began with funding for the purchase of four BMW i3 vehicles. Now the next token sale is starting, this time two Tesla Model 3s will be tokenized, for which €170,000 must be raised. Users can invest from 100 EOT. The cost of one token corresponds to €1.10.
The sale of tokens to fund two Teslas is only the startup's first step towards the massive expansion of its vehicle fleet. This year the company intends to buy at least 250 Tesla cars, which will then appear on the streets of Vienna, and the car-sharing model will also be extended to Germany.
“We believe that car sharing is more than just car rental via an app. For us, sharing means that we not only share our e-cars with our customers but also generate income from driving,” says Eloop co-founder Leroy Hofer.
Tokenized car sales are stored on the blockchain. Then maintenance costs, charging fees, parking fees, and insurance are deducted, and the rest is evenly distributed among the users who have the tokens (depending on the number of tokens in ownership).
Currently, the Eloop fleet has 30 cars, more than half of which are Tesla Model 3s. From April 1, the fleet will be replenished with 50 more Tesla Model 3 vehicles. “We do not pre-finance cars with a token, but only tokenize existing ones. We usually finance the expansion of the vehicle fleet in the traditional way with investors and less from the proceeds from the sale of tokens,” said Hofer.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.