(Yicai Global) Sept. 25--Thereportthatitis tappingits business partnerGSENetworkto financeOfoisuntrue, Beijing Bikelock Technology, which runsthebike-sharingbehemoth, said in a statement today.

The claim that"This round of Ofo funding isaswindle since itis out of money" andothersto the same effectarehogwashand malicious slandersagainstits brand and goodwill, the statement said.

Ofoused the cryptocurrency GSENetwork for a financingroundin July,online blockchain news portalBianews reported yesterday, citing a source with knowledge of the matter.Ofo staffcontacted GSENetworkto try to draw on itsToken Fundwhich specializes in digital asset investments, perthe source.

Founded in Singapore in January, GSENetworkseekstobuild a secure trust network for the sharing economy based on blockchain technology. Oforecentlyintroduced a reward system in Singapore,South Korea and Japanin whichusersgetGSENetwork'scryptocurrency tokens for ridingOfo bikes.

Editor:BenArmour