Ofo to launch trial in Singapore for users to ride and mine cryptocurrency
Ofo chose Singapore for its first cryptocurrency-based rewards system after China closed exchanges and banned initial coin offerings
China’s bike-sharing start-up Ofo is venturing into blockchain technology with plans to launch a rewards system in Singapore where users will receive cryptocurrency tokens for riding.
Users can mine Global Sharing Economy (GSE) tokens, issued by GSELab, when they ride Ofo’s bicycles. For now, GSE tokens cannot be traded or mined by other means. The supply is limited to 10 billion and GSE isn’t listed on any cryptocurrency exchange, according to Etherscan, an analysis website.
“The goal of launching this campaign is to encourage more users to adopt environmentally friendly way to get around,” said an Ofo spokeswoman. “Ofo will keep focusing on innovative technologies including blockchain in future.”
Ofo has chosen to try out the reward system in Singapore because the environment for cryptocurrency is “more friendly” compared with China, according to a person familiar with the matter.
Singapore has so far adopted a hands-off approach toward cryptocurrency, with the government saying it was assessing developments in the industry.