Liquidation, restructure and bikes purchasable only by cryptocurrency: a new era for 50cycles

It’s safe to say that 2019 has been an eventful year for 50cycles.

Having entered liquidation earlier this month, the e-bike retailer has since restructured itself to become a B2B distributor.

The new structure will “give BH and our other products the best platform for success as we build a network to compete, ready for 2020,” according to founder Scott Snaith.

“This [e-bike] market is now the biggest EV sector in the world and a high portion of market share in key cycling countries, such as Holland, kept over 30,000 customers on the road,” he says. “That chapter has now passed as we look to the future of business for the next 15 years.”

Cryptocurrency as standard
Alongside his 50cycles duties, Snaith is also CEO of Toba Electric, which claims to be the UK’s first-ever ‘bankless business’. Rather than using traditional banks, the company will complete all transactions via the blockchain, meaning all its bikes will be purchasable with cryptocurrency only. Toba Electric – unsurprisingly – is now a customer of 50cycles Distribution.

“We’re trying a new way of doing business with the internet of money, which was started with Bitcoin,” Snaith explains. “The only way to really understand [to test the technology] is by giving ourselves such constraints. The interface is now ready to communicate what we offer to the end-user, and the flow will only improve.”

Snaith believes that cryptocurrency in 2019 is the equivalent of the internet in 1998, with a boom just around the corner. “What we are looking is the digitalisation of a future economy that will have very positive effects on mankind. We will go from negative interest rates back to where it pays to earn and save, as opposed to spending on debts.

“We will look at things very differently in the next decade in the way that we transact, as we enter a new Tokenised industrial revolution.”

Invention to inception
So, what is planned for the distributor moving forward?

“As the Toba concept develops we will be releasing our own model, Toba-T, which will allow our customers to receive rewards for the miles that they ride,” says Snaith. “This will promote the use of e-bikes worldwide as we look to deliver the best all-round e-bike.

“With the Toba application, this will be synced as a normal cycle app with a digital wallet that rewards our customers for their efforts with digital assets that can be readily exchanged for Bitcoin cash or other Simple Ledger Protocol (SLP) tokens.

“What was created in theory two years ago is now possible today, with the super-fast development of the SLP token on the Bitcoin cash network. There will be thousands of Tokens to choose from in the near future. This makes the cycle industry the very first to have a product tokenised, which generally means you get rewarded for product usage and purchase.

“This month we have gone from invention to inception, introducing crypto customers to the world of e-bikes, and e-bike customers to the world of digital assets – AKA crypto.”

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