The London-based electric bicycle retailer, 50Cycles, has come up with a novel way of rewarding its customers by paying them with cryptocurrency for every 1,600 kilometers (1,000 miles) they pedal.
According to 50Cycles, they’ve partnered with the crypto-bank LoyalCoin for the launch of its new brand of electric bicycles called TOBA, which earn owners £20 ( $26.00) each time they reach the aforementioned mileage benchmark.
Founder and CEO of 50cycles, Scott Snaith, says, “this is not only the first electric bike of its kind, but it will also be the first product ever to be tokenized and which issues reward for use.”
Under the TOBA program, the crypto-tokens can be redeemed for products and services offered on 50Cycles’ website, or with other participating vendors. In addition, the tokens can be traded with established crypto-banks such as Litecoin, Bitcoin, XEM and Digibytes.
Snaith adds, “we have always been a company that moves ahead of the times by embracing the latest technology.
“Just like we saw the potential in electric bikes in Tokyo 15 years ago, we now see the promise and future in blockchain technology, cryptocurrency and product tokenization.”
“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, and the TOBA will allow riders to become an integral part of its growth.”
“As the technology improves we envisage that our customers will be excited as we are when they start earning rewards simply for using the product they choose to own.”
“As soon as they start pedaling, riders will be on the way to producing cryptocurrency — and every 1,000 miles should be enough to unlock a set amount to the equivalent of around £20, giving each of our customers an incentive to get on their bikes.”
“It is a way of rewarding our customers and riders who are fully-committed to green transportation.”
Additionally, 50Cycles will offer a mobile app that allows TOBA owners to monitor how many tokens they’ve generated, along with its own private key that shows proof of ownership.
“As technology progresses, so will the functionality”, says Snaith.
The TOBA brand is scheduled to launch in September, with special incentives for buyers who use cryptocurrency for their purchase.
“We are looking forward to developing this new business model with LoyalCoin to make sure that as we go to market we will be already giving our customers a life-changing experience with a tangible product for the commitment they make to the new TOBA tokenized electric bike from 50cycles”, Snaith adds.
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