Chinese Bike-Sharer Ofo Denies Crypto-Funding
Xu Wei
DATE:  Sep 25 2018
/ SOURCE:  Yicai
Chinese Bike-Sharer Ofo Denies Crypto-Funding Chinese Bike-Sharer Ofo Denies Crypto-Funding

(Yicai Global) Sept. 25 -- The report that it is tapping its business partner GSENetwork to finance Ofo is untrue, Beijing Bikelock Technology, which runs the bike-sharing behemoth, said in a statement today.

The claim that "This round of Ofo funding is a swindle since it is out of money" and others to the same effect are hogwash and malicious slanders against its brand and goodwill, the statement said.

Ofo used the cryptocurrency GSENetwork for a financing round in July, online blockchain news portal Bianews reported yesterday, citing a source with knowledge of the matter. Ofo staff contacted GSENetwork to try to draw on its Token Fund which specializes in digital asset investments, per the source.

Founded in Singapore in January, GSENetwork seeks to build a secure trust network for the sharing economy based on blockchain technology. Ofo recently introduced a reward system in Singapore, South Korea and Japan in which users get GSENetwork's cryptocurrency tokens for riding Ofo bikes.

Editor: Ben Armour

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Keywords:   OFO,GSE,BIKE-SHARING