A collaboration between Cryptophyl.com and Toba Electric Bikes has invoked the first SLP token that’s redeemable for physical goods. On Tuesday, the two companies announced the commercial partnership which aims to bolster both BCH and SLP technology. Toba Electric Bikes is a two-year-old company that has helped strengthen the electric bike industry in Europe and was once known as 50 Cycles.
On November 5, Cryptophyl.com, the SLP-centric trading platform, announced a commercial partnership with the bicycle company Toba Electric Bikes using SLP technology. Toba sells electric bikes for bitcoin cash and the company’s SLP token will be used for customer rewards. Moreover, Cryptophyl plans to list the token called ‘toba’ on the exchange for trading on November 15.
Cryptophyl and Toba Electric Bikes Partner to Bolster SLP Technology
The team has sold more than 30,000 electric bikes and Toba is now designing its own bike called the model BH TOBA-T that’s set to release next year. The TOBA token created on top of the Bitcoin Cash (BCH) network using SLP will be rewarded to customers cycling on Toba-sold bicycles. Toba is exclusively accepting digital assets such as BCH, BTC, and toba (TOBA). The company says that toba users will get a 10% discount on Toba products and bicycles using the token.
“Toba is using cutting-edge technology to deliver long term value to users,” the founder and CEO of Cryptophyl Semyon Germanovich explained. “We’re delighted to be the exchange of choice for listing their token and to be working with another UK-based company with an innovative business model, made possible by the Simple Ledger Protocol.”
Applied Tokenization and Accelerated Adoption
Germanovich further detailed that toba will be listed on the exchange with other SLP tokens such as spice, honestcoin, and drop. According to Toba Electric Bikes, the toba token will be spendable with the company on December 16. The reason for the wait is so the token can gain a one-month period of market price discovery. Additionally, Cryptophyl disclosed $35,000 worth of toba tokens will be airdropped to drop holders
“Cryptophyl is the most exciting exchange to launch this year because it is dedicated to the trading of Simple Ledger Protocol Tokens (SLP),” Scott Snaith, founder and CEO at Toba Electric Bikes, said during the announcement. Snaith added:
Cryptocurrency is entering a new phase of adoption with SLP. Cryptophyl is becoming a real contender in the world of applied tokenization, accelerating adoption over the coming years.
2019 has seen the SLP token infrastructure grow quite mature and many tokens now have utility and have seen price discovery. Tokens like USDH, spice, merits, flex, and ACD coin now have real-world value. With new SLP tokens created every day and a few gathering traction, it shows the nascent token economy built on top of Bitcoin Cash is just getting started.