A Twickenham based bike company have released the first cycles to generate crypto-currency tokens. 

Riders of the TOBO bikes will earn tokens for every 1,000 miles pedalled. The bikes use NEM, which is a peer-to-peer cryptocurrency and blockchain platform.

50cycles store is based on London Road and they are due to launch their TOBO bikes in September.

Founder and CEO, Scott Snaith has released first look images of the bikes. They are all ‘ebikes’ and feature an electric motor to assist pedalling power in either the crank or wheel.

Mr Snaith says the TOBA not only represents value for money compared to any other bikes in the market but believes the first ever tokenised bike will get customers enthused about what the crypto realm has to offer.

He said: “We’ve taken everything we’ve learnt over the past 15 years and used this experience to create the best electric bike we possibly can.

“The TOBA will not only get our customers out and about, but we also want to reward people for tapping-in to the new digital age.”

A certain amount of so-called ‘TOBA Tokens’ will also be gifted to the customer when they first purchase a bike - as many as 100 in the case of the premium and prima models.

A further 10 tokens - equating to roughly £20 - will be issued for every 1,000 miles cycled.

Using the NEM platform, the TOBA’s coins can then be redeemed across a number of brands and stores or traded for popular digital tokens.

Mr Snaith explains: "As soon as they start pedalling, riders will be on the way to producing cryptocurrency — and every 1,000 miles will unlock a set amount TOBA tokens, giving each of our customers an incentive to get on their bikes.

“It is a way of rewarding our customers and riders who are fully committed to reducing congestion and pollution, improving their health, and then also getting rewarded for it.”

The 50cycles team are also launching ‘Crypto Classes,’ where ‘you will be trained to master how to receive and store your TOBA tokens by having a broader understanding of the ecosystems in a safe environment.’

Mr Snaith adds: “We realise that not everyone is clued-up about crypto. This course is offered free of charge to every new owner that buys a bike with fiat currency.

“Meanwhile buyers using digital currency - who are clearly already clued-up about crypto and don’t need additional training - will receive a £150 discount on the bike itself as well as simple instruction on how to open their TOBA wallet."