A new initiative from oBike allows users to earn their customized cryptocurrency simply by riding their bicycles.
As we begin a brand-new year, we also start thinking about resolutions. #newyearnewme, right? One of the most common goals is to get fit, whether it be hitting the gym or hitting the sidewalk for a jog.
However, based on its stellar performance last year, many people might be resolving to get in on that crypto action by investing in Bitcoin or another digital currency. Singapore-based bike-sharing platform, oBike, hopes to combine the health benefits of fitness with the financial edge of digital currencies.
#obike is inventing a #cryptocurrency to pay for rides or earn #oCoins. https://t.co/cyaklhpAGN via @SKolodziejczyk
— Bikeee Bikesharing (@bikeee_sharing) January 3, 2018
Teaming up with Tron
According to Type Board, oBike has partnered with blockchain-based platform Tron, to develop oCoins. These coins can be used by oBike members to pay for their bike rides, and also to add funds to the platform’s oBike wallet.
In addition, users will be able to earn oCoins by simply riding their bikes. The more they ride, the more oCoins they will receive. This could be a great, and incentivized, way to get more people using oBike’s services while spreading the crypto love.
According to South China Morning Post, Edward Chen, who is a co-founder and the chief marketing officer for oBike, said that oCoins “will be an attractive proposition for users to continue riding oBike in more ways than one.”
He went on to add:
As a tech company, we are dedicated to bringing better value and benefits to our users through constant innovation and mutually beneficial partnerships.
Singapore the Ideal Testing Ground
Singapore is widely seen as a hub for both cryptocurrency- and blockchain-based initiatives. In October last year, the country went as far as stating that they have no plans to regulate digital currencies and even has an aim of digitizing its own fiat currency.
In addition, the country has plans to improve its current infrastructure to make it more cyclist friendly. It definitely seems to be the right place to try out this new initiative from oBike.
By partnering with Tron, oCoin holders will also be able to buy content from Tron’s platform or use the coins for live streaming through one of the platform’s applications.
Unpredictable Market Still a Concern
Crypto business may be booming in Singapore, but some people are still wary of investing in it. Even though it is a lucrative industry, with a combined market cap of over $700 billion at the time of writing, it is extremely volatile.
However, the support of many well-established names like Goldman Sachs and JPMorgan Chase, as well as the recent launch of futures trading, could see 2018 being the year that the vision of global adoption is realized.
If this is the case, oBike’s new system, if successful, could possibly filter to all of its 10 million users in Europe, Asia, and Australia.
Do you think this oBike’s reward-based system with oCoins will improve its business? Let us know in the comments below!
Images courtesy of Shutterstock, The Straits Times