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South Africa H20 Securities launched world-first crypto water token and raised $150 million from the GEM Digital investment firm
Jul, 06 2022
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H2O Water
Securities launches world-first crypto water token. Through the sale of H20N
token, $150 million was raised from Bahamas based GEM Digital investment firm
by H2O Water Securities which is based in South Africa. H2O Water Securities combines
finance, infrastructure and expertise in the deployment and operation of water
plants.
Through this
water token people can invest in water infrastructure. H2ON Water Network, the
crypto token that enables global water projects financed, uses the H2ON token
as a means of raising capital. H20N network participants, including water plant
operators and their clients will settle bills using H20N. It claims that water
suppliers will be able to deliver to new clients more quickly by raising funds
to finance the water projects.
On Monday crypto
water tokens will be listed on the global cryptocurrency exchange Bitmart. By
Thursday, it will be available on secondary markets. For the past few months, the
token has been available on decentralised cryptocurrency exchanges. In exchange
for such a substantial investment, GEM Digital will receive H20N tokens, which
will be used to fund water delivery infrastructure in areas where there is lack
of access to sufficient fresh water.
CEO and founder
of H2O Holdings, Julius Steyn, said, “The focus with the H2ON token is mainly
on the financing of water projects internationally and not so much on the
technical engineering and construction of such projects,”.
According to
2016-18 OECD report, around 30 percent of the world’s population survives in
water scarce conditions. Due to lack of proper funding for water
infrastructure, by 2030 this number is expected to increase to 50 percent, and the global funding gap for water infrastructure is expected to exceed $18 trillion
by the end of 2030.
Bahamas-based
GEM Digital is a $3.4 billion investment firm. It is specialized in investments
such as digital assets, resource extraction devices and in utility tokens
listed on over 30 centralised and decentralised exchanges around the world.
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Indrani bose
CBW - External Analyst
INDIA
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