A UK cycling merchant confirmed it would deliver the world’s first e-bike which generates cryptocurrency, local media reported June 12.
50cycles, based in London, will begin offering its TOBA range of vehicles in August via a partnership with “customer loyalty-oriented” token LoyalCoin.
“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,” 50cycles CEO Scott Snaith told industry publication Cycling Industry News.
By using the e-bike, riders will generate LoyalCoins equivalent in value to £20 ($26.50) per thousand miles (1609 kilometers).
The tokens are freely tradeable as LoyalCoin exists as an integration with other loyalty schemes, while 50cycles will also accept them as payment for products.
Blockchain-based loyalty schemes continue to make inroads in various countries this year, developers aware of the disjointed state of many loyalty options currently available across various industries.
Meanwhile, initial participants in the e-bike scheme will need to put in the effort to reap the potential rewards, as the cheapest TOBA product will retail at £1695 ($2250).