The world’s first crypto water token is launched after securing $ 150 million
A South Africa-based company wants to change the way the world finances water projects by leveraging blockchain technology and has received $ 150 million in support from an investor.
H2O Water Securities has created the first crypto water token. The Water Network (H2ON) is designed to fund projects worldwide and solve the age-old problem of water scarcity.
H2ON’s mission sparked investor interest and attracted $ 150 million from GEM Digital, a Bahamas-based investment fund with a strong focus on cryptocurrencies. According to a study by H2O Water Securities, the world is staring at a crisis over the next eight years, as over 30% of the global population “live in water-scarce conditions”.
The company notes that the problem is exacerbated by a serious lack of funding for projects, and it wants to turn the script around. Julius Steyn, CEO of the company, noted that “the focus of the H2ON token is mainly on the financing of projects and not so much on the technical design and construction of such projects.”
Water token lists on Bitmart
After trading on decentralized exchanges for a while, H2ON takes the leap with a listing on a centralized exchange. According to Steyn, H2ON has secured a listing with Bitmart at the beginning of the week, while trading on the secondary market is planned for 7 July.
Steyn notes that when H2ON was first listed on decentralized exchanges, it traded at $ 0.75 and had a volume of only $ 100,000. After a few hours, however, the value of the token had risen to $ 11 in less than a day, making it one of the fastest growing tokens in the world.
The token is currently trading at $ 1.61 after registering a 10% gain in the last 24 hours, according to data from CoinMarketCap. Trading volumes have also increased by 480% following reports on the listing.
GEM Digital’s quest to change the world
GEM Digital, the investment company that supports H2O Water Securities, will hold the H2ON tokens to guide the financing of water projects in areas that lack the necessary infrastructure, according to the report.
The $ 3.4 billion company has earned a reputation for investing in Changing World Technologies, a start-up of waste management, and Neos Ocular, a company that aims to improve its vision.
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