SA startup GoMetro to be part of ICO run by UK internet of mobility company

Smart mobility startup GoMetro will be part of a UK initial coin offering (ICO) run by internet of mobility company Tsio Protocol, says the Cape Town based startup’s founder Justin Coetzee.

Coetzee told Ventureburn on Tuesday that GoMetro’s new flex platform will form part of Tsio Protocol’s minimum viable ecosystem and that the ICO will take place “towards the end of March”.

“They’re raising it and we’re part of their consortium,” said Coetzee. “If they are successful in their fund raise, they will be integrating their token into our system,” he said.

It follows the announcement by Coetzee in November last year of plans to trial GoMetro’s new flex service. Coetzee said this week that the pilot is now set to take place also from March.

Read more: Exclusive: GoMetro ride-sharing service to take on Uber, Taxify, tackle congestion

If Tsio Protocol are successful in their fund raise, they will be integrating their token into GoMetro’s system

On its website Tsio Protocol says it will use Internet of Things (IoT) and blockchain technologies to create trustworthy multi-lateral commercial agreements between transport providers.

“This enables the growth of Mobility as a Service – a market valued at circa $1-trillion by 2030,” it notes (see its white paper — opens as PDF).

Coetzee said the opportunity came about after the startup was last year accepted into the UK’s Intelligent Mobility (IM) Accelerator which is backed by Spanish company Wayra and based in Milton Keynes (read this earlier story).