If you have been keeping up to date with MyBit’s activity since our ICO in August, you will already know that our team was in Dubai in October attending Startup bootcamp’s Smart City Dubai event. We are now happy to formally announce that one of these partnerships was with Arabco Smart Technology.

Arabco currently has a deal in place with the Government of Dubai and the Smart City Initiative backed by the Sheikh. This deal will ensure Steora smart benches are installed by Arabco throughout Dubai, as the city undergoes an enormous technological transformation over the next few years.

The Steora smart bench is beautifully simplistic, but within its sleek design it hosts numerous revenue generating features. Its in-built flat screen, used for advertising, provides its largest revenue stream. However, additional revenue is generated from its superfast 4G mobile router, a wireless device charger, two smart USB connectors and in-built sensors which gather different sorts of information, including atmospheric conditions, number of users and component functionality. All these help the smart bench achieving a full ROI/cost of goods in under 1 year and it’s powered entirely by integrated solar panels, meaning it costs nothing to run and once installed it is virtually maintenance free.

From next year on, users of the MyBit platform will be able to crowdfund and invest in Steora smart benches worldwide. It is incredible to think that people from all around the world will soon be able to profit from something as simple as residents sitting on a bench drinking coffee. It is a testament to the truly global scale of the burgeoning IoT economy and reminds us of the necessity of our work here at MyBit, to unlock billions of dollars in investment opportunities to those who would otherwise be economically disempowered.

The great news is that with Steora, Arabco are only just getting started. They plan to add many more revenue generating machines to their roster and MyBit users will be among the first people able to benefit financially from these new additions to Dubai’s machine economy.

MyBit takes their time choosing only the best partners that fit three main criteria: Sustainable, Innovative, and profitable. By adhering to our strict listing criteria we offer investors on our platform unparalleled access to IoT assets.

For more information on Arabco and the Steora smart bench, visit https://www.arabcosmartech.com

Stay tuned as we prepare to announce more partnerships before the launch of the MyBit platform next year.