You can do that. You have several options here:
1. If you want to lend your bicycle and want it to remain protected, give your Cycloop-equipped bicycle and the Cycloop Key Fob to a friend. This way the bicycle remains protected the same way as if you were riding your own bicycle. If an alarm is activated, you will receive a call and push notifications to your phone.
2. If you only give your Cycloop-equipped bicycle to a friend without a Key Fob - you can put Cycloop to snooze from 1-24 hours. However, this way it will not remain protected for the time you have set it to snooze as it will not register any movement or start the alarm. After the snooze period passes, the device will automatically 'wakeup' and return to its Armed state.
3. If you give your Cycloop-equipped bicycle to a friend without the Key Fob, you will constantly get location updates while the bicycle is on the move. Keep in mind the battery will be consumed in just a few days this way, depending on the previous battery level and whether the bicycle is moving or not.