Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

This bike-sharing service is launching their own cryptocurrency

In an unprecedented move, homegrown bike-sharing company oBike has announced that it will launch its own cryptocurrency called oCoins, to be used exclusively with the company’s bikes. Starting from the first quarter of 2018, oBike users will be able to pay for their rides and top up their oBike wallets using oCoins. Every ride will generate oCoins; so the longer you ride, the more oCoins you earn; which basically means oBike is paying you to use them.

The mysterious oCoins are created in partnership with Tron, a blockchain-based decentralized protocol. The platform, which allows users to freely store and own data in decentralized forms, has its own cryptocurrency called Tronix, ranked 18 worldwide in the list of cryptocurrencies. With oCoins, however, oBike users can use them to purchase apps and online content on Tron’s platform, on top of paying for the bicycles.

It’s all fun and games, until the risks of cryptocurrency come kicking in. While the allure of cryptocurrency may have ricocheted in recent months, given the now infamous Bitcoin’s surge in value this year alone, experts have warned against investing overconfidently in the cryptocurrency. The Monetary Authority of Singapore (MAS) has stressed that cryptocurrencies are not legal tender, and hence come with no regulatory safety nets. Blindly placing faith in it can instead come with hefty repercussions (the current value of a single Bitcoin stands at approximately $20,860).

Still, the cryptocurrency bubble continues to grow uncertainly, and where there is money, people will follow. Tread cautiously, oBikers, but don’t be too shocked when you’ll have to start unlocking your bikes with imaginary virtual coins.