Troubled bike rental platform ofo has denied media reports claiming that it used a digital currency called GSE (Global sharing economy) for fundraising.

The Chinese company issued a statement on September 25 saying that the reports are grossly untrue and the relationship between the bike rental company and GSENetwork, the company behind the GSE token, is only a market cooperation. The new round of financing for which ofo used GSE is “completely non-existent,” ofo wrote on its Weibo account.

The company behind the sea of yellow bikes teamed up with GSENetwork in March to offer its users the possibility to mine currency while riding bicycles. The “Ride and Earn” scheme was first launched in Singapore, not surprising considering China’s strict stance towards initial coin offerings or any cryptocurrency trading.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.