South African Firm Launches ‘World’s First Crypto Water Token’
A South African company has launched the so-called "crypto
water token" and is reported to have secured an investment of $150 million
from a Bahamas-based digital asset management company, GEM Digital. The H2ON
token was recently listed on the crypto exchange platform Bitmart, although it
was available on decentralized platforms.
The Water Network
A South
Africa-based water infrastructure firm, H2O Securities, is reported to have
launched what has been described as the "world's first crypto water
token." The token is expected to provide access to the company’s H2O water
network. GEM Digital, a Bahamas digital asset investment company, is said to
have invested $150 million in the water infrastructure firm.
CNBC
TV18 has reported that the token was listed on the crypto exchange platform Bitmart on July
3, and will be available on secondary markets from July 7. The token has been
available on decentralized exchanges for the past few months, the report said.
Following the
revelation of GEM Digital’s investment, Julius Steyn, the CEO and founder of
H2O Holdings said:
"The
focus with the H2ON token is mainly on the financing of water projects
internationally and not so much on the technical engineering of such
projects."
Regarding the
prior listing of the token on decentralized exchanges, Steyn said doing this
had shown that there was great interest in the H2O token.
H2O
Securities claims the H2O Water Network is "a closed-loop ecosystem"
where the token is used as a method for rewarding those participating in the
network, the website reveals. GEM Digital has declared that its sources,
structures, and investments are in over 30 listed utility tokens.
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