Toba Electric Bikes announces cryptocurrency partnership as 50 Cycles enters liquidation

Toba Electric Bikes has announced a commercial partnership with SLP-centric trading platform Cryptophyl.com, reports Bitcoin.com.

SLP (Simple Ledger Protocol) is an emerging standard protocol for issuing secure tokens on the Bitcoin Cash blockchain. Toba Electric Bikes, covered on CI.N last year, has invoked the first SLP token redeemable for physical goods, according to reports.

It appears Toba Distribution Limited (registered in February by Scott Snaith) is in the process of designing its own bike called the TOBA-T, set for release next year, though at present the website appears only to retail BH Bikes stock. Toba is exclusively accepting digital assets such as BCH (Bitcoin Cash), BTC and toba token, with users receiving a 10% discount on Toba bicycles and products using the token.

According to the company, the toba token will be spendable on 16 December, with Cryptophyl having disclosed $35,000 worth of toba tokens to be airdropped to drop holders.

Scott Snaith, founder and CEO at Toba Electric Bikes, told Bitcoin.com: “Cryptophyl is the most exciting exchange to launch this year because it is dedicated to the trading of Simple Ledger Protocol Tokens (SLP). 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.

At the time when this project was under development, Snaith made the national press by calling for banks to “get to grips with cryptocurrency use as payment”.

Snaith told CI.N he had taken over the role of CEO of the Toba brand last month, while discussing the closure of his 16-year-old retail business, 50 Cycles Ltd, which filed for a CVA in January. This CVA has since fallen through, according to Companies House filings and McTear Williams & Wood Limited has confirmed to CI.N that the retail business is now in liquidation.

Documents also seen by CI.N illustrate a wide-ranging list of 48 bike industry and other creditors running to a tally of north of £1.78 million owed.

Snaith alleged difficulties with a bike supplier the firm formerly held a distribution deal with were to blame for the downfall of what “could have been a £10 million business.”

The headquarters of a new distribution-based business, which is managing a newly-formed distribution relationship with Spain’s BH Bikes, remains active, though operates as a separate company registered as 50 Cycles Distribution Ltd. The new business is registered in the same unit and business park as the former operation, with the exception of a change from Unit 1A to 1E.

Sources reported orders could still be made through the 50 Cycles website up until last month, and that attempts to contact the company proved unsuccessful with both telephone lines for the firm answerphone relaying the message “regretfully, 50 Cycles has closed for business.”

The website now says it is ‘under maintenance’ and that ’50 Cycles Limited is now closed’.

Though CI.N has received comment to the contrary, Snaith says that all former customers have been reimbursed.