Singapore bike-sharing operator oBike will introduce its own cryptocurrency next year called oCoins which users can use to pay for their rides.
oBike said in a statement that it will partner blockchain platform Tron to officially launch oCoins in the first quarter of 2018, reported The Straits Times.
oBike has operations in more than 20 countries including Malaysia, Australia and Switzerland and over 10 million users.
oCoins can also be used to buy online content or on any applications that are on Tron’s platform, which is a decentralised online content entertainment ecosystem.
Tron’s founder and CEO Justin Sun, who has been on Forbes’ 30 Under 30 lists, made the announcement in a tweet on Christmas Eve.
Merry Christmas! We are exciting to announce our partnership with Obike. Obike is one of the largest sharing economy companies active in 20 countries across Europe, Asia and Australia with 10 million users. Obike will launch sharing bike application and Ocoin based on #TRON #trx pic.twitter.com/dG60lo7iZb
— Justin Sun (@justinsuntron) December 24, 2017
Users will be able to generate oCoins when they use oBikes, with more coins earned the longer they ride.
Tron’s cryptocurrency, known as Tronix or TRX, is ranked 18th worldwide in the list of cryptocurrencies, and has a current market capacity of $2.6 billion.