CyClean, the platform based on renewable energy has acquired Ketch’Up, a bike sharing company based out of Hong Kong. Acquisitions and mergers are quite common, however we are going down in history to be the ﬁrst to purchase a company using cryptocurrency.
On June 29th, CyClean acquired 60% shares IMUSIC THINGS LIMITED, Ketch’Up’s hold- ing company. Notably, Ketch’Up holds the #3 spot as the preferred shared bicycle plat- form in Hong Kong. Both companies are excited to embark on this exciting journey for a cleaner Earth.
How does Ketch’Up work?
Ketch’Up provides bicycles on rent and is focused on reduction of overall carbon emis- sions. It connects Hong Kong’s citizens by providing them with an environmentally friend- ly public transport. Users can purchase a Ketch’Up bicycle and rent it to other users.
Ketch’Up bikes come pre-equipped with a ‘smart lock’ system which allows station-less management which revolutionary for shared bicycle. These bikes feature GPS tracking which allows bike owners to easily locate their bikes. A dedicated app allows the users to check the distance travelled and the fees that needs to be paid.
This system is designed to beneﬁt both owners as well as renters. The initial investment is roughly $1,600 which includes one year subscription for Ketch’Up’s services. The people who plan to rent can travel the city for a nominal fee. This removes the need to purchase a separate vehicle and the maintenance costs associated.
The acquisition is part of an expansion plan on CyClean’s part. CyClean presently oﬀers an electrical bike rental and sharing community operating in South Korea. The nature of business allows these companies to join forces towards a common vision of renewable energy. By expanding operations to Hong Kong, CyClean aims to accelerate the move towards clean air and energy.
The acquisition was completed through CyClean and JPAY tokens. Even though Ketch’Up was approached by multiple large businesses, they selected the Singapore based CyClean. Following the deal, CyClean also signed a MOU with Brighten, details for the agreement are yet to be revealed.
“In the future, with a reward system and coin valuation, we will continue to accelerate the green revolution and protect the health of humanity and our ecosystem.” – Executive Member, CyClean.
CyClean thanks it’s users for their continued support and trust.
(Visit CyClean on cyclean.io for more information)