Crypto Bikes May Hit The Road This Autumn
A range of cryptocurrency generating electric bikes from the UK bike specialist 50cycles is supposed to hit the market this Autumn, the company announced.
It promises that riding on their bikes from the TOBA series will earn cyclists LoyalCoins in the amount of GBP 20 (USD 26) for every thousand miles (1,609 km) they cover in attempt to keep their bodies fit and digital wallets fatter.
“At the moment we are working with LoyalCoin to reward our customers but eventually the TOBA bikes will have their own digital coin which will become one of thousands of currencies of the future,” Scott Snaith, CEO of 50cycles, was quoted as saying on the company’s website.
Crypto-powered pedaling is advertised as giving the cycling enthusiasts access to the customer loyalty model in which they can redeem their earned coins at a range of designated stores. This comes with an added option to trade them for other tokens which include Bitcoin, Litecoin, Digibytes, and XEM. To strengthen the deal, 50cycles has offered support for all of these cryptos which can be readily exchanged for bikes, components or discounts available on the company’s website, a report by cyclingindustry.news added.
Existing TOBA bikes retail for around GBP 1,700 - GBP 1,800. Should the company decide to keep similar price range, this would set you on an 85,000 mile-long journey to pay for itself.
The company claims that a dedicated mobile app will be used to track the user’s progress with the token generation and associated mileage. To keep things on the safe side, each TOBA e-bike will have its private key serving as a proof of ownership, according to the company.
However, this is not the first attempt to link cycling with the world of cryptocurrencies. This January, oBike, bike-sharing company from Singapore, announced that its users will be able to use oCoins to pay for their rides as well as generate these coins whenever they ride. However, the website of oBike still does not provide any information when such crypto-pedaling may begin.