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. H2ON token first became available via decentralized exchanges. It was only recently made public on Bitmart’s crypto exchange platform.
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. GEM Digital, a Bahamas-based digital asset investor, said it has invested $150 million into the firm’s water infrastructure business.
According to CNBC TV18, the token was first listed on Bitmart’s crypto exchange platform on July 3. It will be available on secondary market by July 7. The report stated that the token had been in use on several decentralized exchanges during the previous months.
In remarks following the revelation of GEM Digital’s investment, Julius Steyn, the CEO and founder of H2O Holdings, said:
H2ON token’s primary focus is on international water project financing and less on technical engineering.
Steyn stated that the decentralized listing had been done to show interest in H2O tokens.
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 claims it source, structures and invests over 30 utility tokens.
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