The South African company behind the so-called “crypto water token” is reported to have secured an investment of $150 million from a Bahamas-based digital asset management company, GEM Digital. Initially available on decentralized exchanges only, the H2ON token was recently listed on the crypto exchange platform Bitmart.
THE WATER NETWORK
A South Africa-based water infrastructure firm, H2O Securities, is reported to have launched what has been described as the “world-first crypto water token.” According to the firm, the token is expected to provide access to the company’s H2O water network. Already, a Bahamas digital asset investment company, GEM Digital, is said to have invested $150 million in the water infrastructure firm.
As per a CNBC TV18 report, the token, which was listed on the crypto exchange platform Bitmart on July 3, would become available on secondary markets by July 7. The token has been available in decentralized exchanges for the past few months, the report said.
In remarks 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.
Concerning the prior listing of the token on decentralized exchanges, Steyn said doing this had shown that there was great interest in the H2O token.
On its website, 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. GEM Digital, on the other hand, says it sources, structures, and invests in over 30 listed utility tokens.