Shoreham firm launches world’s first crypto ebike

Scott Snaith, CEO and founder of 50cycles, which has a store in Shoreham High Street
Scott Snaith, CEO and founder of 50cycles, which has a store in Shoreham High Street

A Shoreham firm is set to launch the world’s first crypto ebike – an electric bicycle which turns miles pedalled into digital cash.

The two-wheeled electrically-powered TOBA is being unveiled by 50cycles, who runs a store in the High Street.

The TOBA bike

The TOBA bike

Cyclists will be rewarded for hitting the road by generating unique cryptocurrency tokens for every 1,000 miles they pedal.

Using the LoyalCoin platform, the TOBA’s coins can be redeemed across a number of brands and stores, or traded for digital tokens such as Bitcoin.

Every 1,000 miles cycled on the bike, which costs £2,595, should be enough to unlock a set amount to the equivalent of around £20. Keen cyclists in the UK regularly cover around 4,000 to 5,000 miles a year.

Scott Snaith, founder and CEO of 50cycles, says the ebike essentially acts as a mobile crypto miner – mining being the process used to release digital currency. He said: “It is a way of rewarding our customers and riders who are fully-committed to green transportation. We have always been a company that moves ahead of the times by embracing the latest technology.”

TOBA users will be able to monitor how many tokens they are generating through a mobile app.

The bike will hit the streets in September this year to coincide with 50cycles’ 15 year anniversary.

READ MORE: Campaign to make Shoreham more bike-friendly