oBike partners Tron to launch its own cryptocurrency called oCoins for users to pay for rides

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.

“In a world’s first of its kind, users will soon be able to ride and earn thanks to the new partnership,” it said.

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.

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.