In an effort to increase ridership, 50cycles is partnering with LoyalCoin to deliver the world's first cryptocurrency-generating e-bikes. Available in London, England, the cryptocurrency-generating e-bikes will allow users to accrue LoyalCoin at a rate of £20 worth to every 1,000 miles pedaled. According to Scott Snaith, CEO of 50cycles, "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.”
Users engaged with these cryptocurrency generating e-bikes will be able to monitor how much LoyalCoin they've gained through a mobile app, which will also hold the user's private key as proof of ownership. The accrued cryptocurrency can be freely traded as an integration with other loyalty offerings. 50cycles will also accept the crypto as payment for various products.