this is nothing new. the jerico belt derive system came out a couple years back. it was called the "red october" system.
it was only available in a 2:1 ratio. (mtb offroad)
it/jerico failed for many reasons, mainly beacuse of the nuerotic owner of jerico bikes driving the company into the ground for untold reasons. i'm not sure if jerico is back up and running, i've kinda fell off the mtb hype circuit.
and all belt driven bikes are fatally flawed from the beginning: efficiency.
i used to own a jerico bike. it was the best mtb bike i've ever ridden.