Uber Technologies Inc. is launching an ICO in March that will allow it to raise a total of $6 billion, raising about $3 billion in new capital from investors, the company announced Wednesday.
The new token will be called UberX and will allow the ride-hailing company to raise money from a range of institutional investors, including Google Ventures and Accel Partners.
It will allow Uber to continue raising funds and be able to grow its customer base even further as the company expands to new markets and expands its business globally, Uber said in a statement.
The company said UberX tokens will be listed on a platform called EtherDelta, which is the most widely used token exchange for the crypto currency.
EtherDelta will have the capability to sell tokens in bulk and will make it easy for UberX to trade, the statement said.
Uber said it is also planning to launch a $1 billion pilot program to train its drivers and install apps for their smartphone apps.
The Uber announcement comes as investors in the ride service are betting that UberX can attract more users than Lyft, which was the first ride-sharing service to make a splash on the market, and Uber has long touted its ease of use and convenience for riders.