[2410 Bitcoin Innovator Grant] Car2Token

Grants & Incentives
1

Note from the Grant’s Team: This application has been auto-enrolled into Wave II from Wave I. The original post by the team can be viewed here.

Project Name: Car2token

Founder Name: Joaquin Repetto Cordeyro

Submission Date: 23/10/2024

Award Amount: 0.0805 RBTC, (equivalent to approx. 5k USD at today’s rate)

Project Stage: MVP

Sector: Fintech/Credits

Links to Deck / Video / Images:

Description: Car2Token is a blockchain-based platform that enables users to tokenize their vehicles and access credit by using their car as collateral. By tokenizing physical assets, the project benefits Rootstock by leveraging its secure, decentralized blockchain network to manage token transactions, ensuring transparency and reliability. Car2Token also expands the utility of Rootstock’s ecosystem by integrating DeFi solutions with traditional financial services, enhancing access to credit for a broader audience through innovative asset tokenization.

Mission: Car2Token’s mission is to revolutionize asset-backed financing by enabling users to tokenize their vehicles, providing them with access to decentralized finance. We aim to bridge traditional finance and blockchain technology, offering a transparent, secure way to obtain loans through asset tokenization. By building on Rootstock, we leverage Bitcoin’s security and the flexibility of smart contracts to enhance the lending ecosystem, enabling wider access to credit while ensuring reliable, tamper-proof transactions, and reducing inefficiencies in the traditional credit market.

Product:Car2Token offers two core products:

  1. Vehicle-Backed Credit: Vehicle owners can quickly and securely value their car through the platform, receive a credit offer, and cash it out in stablecoins. If necessary, they can convert it to fiat. A Non-Fungible Token (NFT) proof of the credit is minted, and payments are processed via the Rootstock network. The platform integrates a built-in shared custodial wallet with passwordless authentication.
  2. Investment Opportunity: Users can invest in the platform easily and securely, earning passive income through decentralized finance (DeFi) mechanisms.

Team: We have a dynamic team with a strong background in fintech, credit operations, and tech products. Our co-founders have over 10 years of experience in their respective fields:

We are supported by key partners: EVEA (https://evea.ar/) and JRC Studio (https://www.jrc.dev/), ensuring a strong foundation to tackle the challenges of vehicle-backed credit in the blockchain space.

Progress: Since receiving the Rootstock Grant, we have made significant progress. We developed the MVP based on our prototype, onboarded a community of beta testers, and refined the product through a feedback loop. Our platform has gained traction, achieving over 800 on-chain transactions. Looking forward, we plan to onboard real users and provide 100 real credits in Argentina, marking a key step toward scaling and practical implementation of our vehicle-backed credit solution.

Roadmap: Our immediate goals focus on improving the automated user diligence and digital collateral process, ensuring a seamless experience for users. We plan to issue the first 100 real credits in Argentina and gather feedback to refine operations further. Additionally, we aim to partner with key investors to fund our capital pool via a smart contract, ensuring we have the resources to scale and meet growing demand.

Conclusion: Bitcoiners and DAO members should vote for us because we have a strong, experienced team and a powerful product focused on real-world asset (RWA) tokenization in the credit sector. Our platform promotes financial inclusion, providing easy access to credit for millions. By integrating vehicle-backed loans with the security and transparency of the Bitcoin network, we’re building a sustainable solution for decentralized finance. Built on Bitcoin, we offer a unique opportunity to expand the DeFi ecosystem with tangible, real-world impact.

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