We’re delighted to announce that we’ll be listing TOBA on Cryptophyl’s exchange. TOBA is a utility token created by Toba Electric Bikes; an electric bicycle company based in the United Kingdom. As part of the listing, we’ll be airdropping 1.5% of the TOBA token supply worth $38,000 (based on redeemable value).
Toba’s business model is simple: accept exclusively cryptocurrency for high quality products and reward customer loyalty with TOBA tokens. This makes TOBA the first SLP token which can be redeemed for physical goods.
Cryptophyl has developed a strategic partnership with Toba Electric Bikes, supporting long term value creation for customers of Toba and Cryptophyl users alike. The TOBA/BCH market will open for trading on the 15th November and shortly after, the airdrop will take place.
Toba Electric Bikes
Toba Electric Bikes is a brand that has been two years in the making. The team behind Toba has a trading history dating back to 2003 in the United Kingdom and Europe, where they helped pioneer the electric bike industry in Europe. The team previously operated under the trading name 50 Cycles and sold over 30,000 electric bikes.
The Toba team has created a Simple Ledger (SLP) utility token which lies at the center of their innovative business model. TOBA has several use cases:
- Allowing users to purchase electric bicycles and other products with a 10% discount
- Rewarding users for using Toba products
- Rewarding users for referring new customers to purchase Toba products
23 Million Toba tokens have been issued, and no new tokens will be minted.
They will be distributed as follows:
- 5% - 1,150,000 TOBA will be provided to exchanges for airdrops and marketing
- 45% - 10,350,000 TOBA will be used to reward users for using Toba products
- 50% - 11,500,000 TOBA will be used to power the Toba supply chain and for payments
According to Toba Electric Bikes, Toba will be redeemable for Electric Bikes and other products on their website (tobaelectricbike.com) as soon as the tokens have been airdropped, being the 16th November 2019. There will be a 7-day period where the price of Toba will be fixed to $38,000 for the 345,000 airdropped tokens, equivalent to approximately $0.11 per token. After this period is over, the market price will be used for redemptions of Toba tokens.
Toba is also developing its own electric bike, set to be released in August 2020: The Model BH TOBA-T. The specification has come from 15 years’ experience of riding and selling some of the best electric bikes around the world. Toba looks forward to producing the first ever bike that will reward its customers for simply using the product.
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