oBike will Reward Bikers with Cryptocurrency Just for Riding

The Singapore-based bike rental firm is set to benefit from the blockchain boom and will introduce oCoin next year.

The time to take a new year’s resolution is near as 2018 is knocking at the door. As always, a huge chunk of the population will want to get fit in the coming year. And if you live in Singapore, there is a new thing to motivate you to stay fit.

Discover credible partners and premium clients at China’s leading finance event!

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Singapore-based bike renting firm oBike has recently partnered with the blockchain firm Tron and has announced that it will reward its customers with cryptocurrency for riding bikes. The more they ride, the more coins they will earn.

oBike will launch this program in early 2018 and will be offering its native oCoin. The company is yet to reveal the details of this unique program.

Commenting on this move, Edward Chen, oBike’s co-founder and chief marketing officer, said he is confident that oCoins will be “an attractive proposition for users to continue riding oBike in more ways than one.”

Suggested articles

Going Past the Great Wall: Things to Consider When Entering the Asian MarketGo to article >>

oBike is barely a year old and has a presence in 20 countries, according to its website. The firm also raised a major investment recently from an undisclosed global transportation platform. Currently, in Singapore, the platform is renting bikes at a rate of S$2 for an hour.

The blockchain firm Tron is also betting big on the market. Young Chinese entrepreneur Justin Sun led Tron is aiming to develop a worldwide free content entertainment system with blockchain and distributed storage technology. The platform will give fundamental ownership of data to the users.

Better known as Jack Ma’s protégé, Sun is the former chief representative of Ripple in Greater China and CEO of Peiwo, which is the leading audio content community in China.

Tron’s own token TRX has encountered a huge surge in its prices recently. After its launch in September ‘17, TRX is gaining popularity and attracting investors attention. In December alone, the token surged around 1750 percent as the value went up from $0.002 to the current trading value of $0.034. This also made TRX the 19th largest coin in the market with a market cap of above $2.2 billion.

Unlike cities like Amsterdam, Singapore is not a bike-friendly city. There are no dedicated bike lanes on the city roads and often it becomes chaos for the city bikers. But due to the rising carbon footprint, the authorities are taking measures to promote eco-friendly commutes like biking. The government also announced that it will soon improve the city infrastructure to make it a cycling-friendly city.

Got a news tip? Let Us Know