HBZ — Monday Update
An update on the progress and expansion of HelbizGo, upcoming HBZ integration.
Over the next few weeks Helbiz will establish new country offices in several European countries and deploy several thousand additional scooters to slowly grow its operation on multiple fronts in Europe.
As the team announced earlier this week HBZ payments will be integrated in December incentivizing HBZ to all of Helbiz users globally and will continue to do so as the platform grows to increase the demand for HBZ.
As all rides are 50% off with HBZ we believe this will incentivize a significant percentage of the daily Helbiz users to with a few clicks acquire HBZ directly inside of the Helbiz application.
To put it simply, we are allowing customers to pay for scooter rentals with our Ethereum ERC20 token, HBZ. This means that anyone that currently holds HBZ will now have a real-world use for the token, something that many ICO projects strive for, but not many are able to deploy at the level that Helbiz can. With scooters in Milan, soon Paris, and then Madrid and many more cities to come we have the opportunity to introduce cryptocurrency payments at an international level.
1) First, we take ownership of customers’ HBZ tokens when they deposit them via an Ethereum smart contract.
2) Then, our private network registers these deposits and credits the user’s HBZ balance in the application.
3) Finally, every HelbizGo scooter rental deducts from this balance until the customer has to acquire more HBZ.
At this time, we’d also like to mention that users will be able to purchase HBZ directly from our mobile application. This is made possible with a partnership Helbiz has made with www.babylonia.org. It can be guaranteed that users will be able to purchase HBZ using their credit card, and have their HBZ wallet automatically refilled as needed. This partnership is critical, as we want to enable this functionality to everyone, even those who have never purchased a cryptocurrency before.
The development of all of this has been in progress, with the the internal beta next week followed by a public beta rollout in the coming weeks.
What happens to HBZ paid to Helbiz for rides?
All users will be buying tokens directly off the open market through Babylonia, and all tokens paid to Helbiz will for the most part be kept in the main wallet to lower the circulating supply. HBZ obtained through rentals will only be offered for sale on Babylonia at market price if supply is low and users are unable to fulfill their HBZ purchase orders in-app.
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