MyBit, an Internet of Things (IoT) investment platform, announced today an exclusive partnership with Ability Concept, a smart bench provider based in Prague. This is the latest of a number of deals that MyBit has struck with partners across the Middle East and Central Europe.
Smart benches are another facet of the smart cities vision in which street furniture and buildings become internet-connected and able to communicate with each other and of course with human beings. The smart benches being built by Ability Concept will provide wifi access and advertising opportunities.
Ian Worrall, chief executive and founder of MyBit, said, “Smart cities are the future and we’re excited to be working with a company that shares our vision. As the biggest market innovator in smart benches, Ability’s products are perfectly placed to take advantage of this new reality.”
“Together, we’ll be able to scale up rapidly and bring smart benches to even more markets. For our investors, Ability offers a strong return on investment while delivering on our core principles of decentralized investing and sustainability.”
“It’s another step towards a future where decentralized investments are the new normal”, he added.
Ability can place benches in nearly every location in Europe. Using the MyBit platform, users can invest and own a share of one of these smart benches. Revenues generated by the smart benches are automatically distributed to investors using Ethereum smart contracts. Because the benches are funded by investors instead of the taxpayer, they have been attracting interest from local authorities las they will be able to save time, money and maintenance fees. This is a trend that looks set to continue, especially in more progressive markets like Central Europe.
Joost Toornend, chief marketing officer of MyBit, commented, “Prague is an amazing place for blockchain. From Trezor, the original Bitcoin hardware wallet, which was founded here, to Slush Pool, the world’s first Bitcoin mining pool.”
“There’s also Paralelni Polis and the Institute of Cryptoanarchy, which is driving thinking in the cryptocurrency space. Prague is a hotbed for all things blockchain right now”, he added.