Shoreham firm launches world's first crypto ebike
The two-wheeled electrically-powered TOBA is being unveiled by 50cycles, who runs a store in the High Street.
Cyclists will be rewarded for hitting the road by generating unique cryptocurrency tokens for every 1,000 miles they pedal.
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Hide AdUsing the LoyalCoin platform, the TOBA’s coins can be redeemed across a number of brands and stores, or traded for digital tokens such as Bitcoin.
Every 1,000 miles cycled on the bike, which costs £2,595, should be enough to unlock a set amount to the equivalent of around £20. Keen cyclists in the UK regularly cover around 4,000 to 5,000 miles a year.
Scott Snaith, founder and CEO of 50cycles, says the ebike essentially acts as a mobile crypto miner – mining being the process used to release digital currency. He said: “It is a way of rewarding our customers and riders who are fully-committed to green transportation. We have always been a company that moves ahead of the times by embracing the latest technology.”
TOBA users will be able to monitor how many tokens they are generating through a mobile app.
The bike will hit the streets in September this year to coincide with 50cycles’ 15 year anniversary.