Is Ofo backing up Singapore’s GSELab just a rumour?

Ofo launched cycling reward system with GSELab using blockchain technology

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Is Ofo backing up Singapore’s GSELab just a rumour?

Singapore-based GSELab which was founded earlier this year might be established by a current Ofo employee, according to some recent Chinese local media reports, hinting that Ofo might be backing the newly-founded blockchain startup that characterizes itself as the world’s first digital currency platform based on the sharing economy and blockchain technology.

Earlier this month, Ofo Singapore kicked off a marketing campaign in the city-state in conjunction with GSELab where the bike sharing service launched a reward system to let people mine Global Sharing Economy tokens, or GSE tokens, a form cryptocurrency issued by GSELab, through riding its bikes.

Ofo claimed that GSELab was just a marketing partner at the time of the campaign launch.

Some Chinese media dived a bit deeper into the relationship between Ofo and GSELab, indicated that the person who registered the domain name for GSELab might be a current Ofo employee.

We at KrASIA reached out to Ofo Singapore team concerning the matter and a staff reiterated that GSELab was just a marketing partner, denying the hinted association between the two companies.

Blockchain, as the latest addition to the heated fintech trend globally, has been taking off across the region since last year.

Ofo’s other ventures into blockchain technology include Tron, a cryptocurrency trading platform based in Singapore, which founder and CEO of Ofo, Dai Wei, personally invested in, as cited of Tron’s website, as according to SCMP.

GSE currently is not listed on any cryptocurrency exchange, according to Etherscan, as cited from SCMP

Editor: Ben Jiang