Riders’ to Earn $26 Per 1000 Miles with Crypto E-Bike
The first-ever cryptocurrency e-bike is said to be launched by a UK bicycle provider. Established in 2003, 50cycles will allegedly partner up with LoyalCoin to deliver this effort. Referred to as the TOBA, the crypto e-bikes will be made available in August of this year.
According to the CEO of 50cycles, Scott Snaith, who spoke with Cycling Industry News, the crypto e-bikes are not only the “first of its kind, but also the first product ever to be tokenized and which issues reward for use.”
What makes this an interesting project is the fact that riders will get compensated for what they do. In particular, any rider that uses the crypto e-bike will be earning $26.50 for every thousand miles.
The tokens supposedly hold some use, as they are considered a mean of payment for products through several partnerships established by LoyalCoin.
As for generating such rewards, riders will have to make some initial investment, that is, to purchase a TOBA vehicle. Based on the information provided, the most inexpensive product that current exists is valued at approximately £1695.