Founded in Singapore in January, GSE Network is dedicated to providing a distributed infrastructure for service providers and users in the sharing economy which can create trustworthy relationships at zero cost.

GSE Network responded that “It’s not true that ofo got the seed funding through GSE, and it’s a groundless accusation that ofo staff go out to raise fund for GSE. GSE Network’s seed funding was completed earlier this year, and we are well-funded”.

Besides, regarding the rumor that “many team members of GSE Netork are ofo veterans, and many ofo employees have bought GSE tokens”, GSE said the two firms are ecosystem partners, and they will continue to explore blockchain applications together.

In fact,  the company behind a sea of signature yellow bikes has teamed up with GSE in March to launch a rewards system in Singapore where users can receive GSE token rewards for riding. And ofo has replicated the “Ride and Earn” model in Japan.

Ofo has established a blockchain-focused research institute in May to find solutions to problems in bike-sharing operation such as bike deployment, parking and maintenance and to build smart urban transportation globally. Further, Dai Wei, founder and CEO of ofo, seems a crypto enthusiasts who is reportedly invested in TRON and other cryptocurrencies.

*Edited based on an article from 8btc.