oBike to launch cryptocurrency with blockchain platform Tron

SINGAPORE — Local bike-sharing operator oBike will be rolling out its own cryptocurrency called oCoins next year, which will allow users to earn while riding their bikes.

In what oBikes touts as a world’s first, the move will allow users to pay for their rides with oCoins and top up their oBike wallets. Users will generate oCoins whenever they ride on oBike, and earn more the longer they ride.

oBike will be partnering blockchain platform Tron to officially launch oCoins in the first quarter of 2018, it announced in a press release on Tuesday (Dec 26).

Users can also purchase online content with oCoins or use them on any application that is on Tron’s platform. This includes audio content community Peiwo, and popular live streaming application Uplive.

Tron, a decentralised online content entertainment system, owns the Tronix cryptocurrency, which is ranked 18th worldwide on the cryptocurrencies list. Tronix has a market capacity of US$2.6 billion (S$3.5 billion) and is currently trading at US$0.04 (S$0.05).

oBike — Singapore’s first homegrown and largest bike-sharing operator — currently has 10 million users in 20 countries across Europe, Asia and Australia, with more than two million users in South-east Asia.

oBike co-founder and chief marketing officer Edward Chen said that he is confident the introduction of oCoins “will be an attractive proposition for users to continue riding oBike in more ways than one”.

“As a tech company, we are dedicated to bringing better value and benefits to our users through constant innovation and mutually beneficial partnerships,” he added.