A South Africa-based company wants to change the way the world funds water projects by leveraging blockchain technology and has received backing worth $150 million from an investor.
H2O Water Securities has created the first crypto water token. The Water Network (H2ON) is designed to finance projects around the globe and solve the age-old problem of water shortage.
H2ON’s mission piqued the interest of investors and attracted $150 million from GEM Digital, a Bahamas-based investment fund with a keen focus on crypto utility tokens. According to a study by H2O Water Securities, the world is staring at a crisis within the next eight years, as over 30% of the global population “live in water-scarce conditions.”
The firm notes that the problem is amplified by a dire lack of funding for projects, and it wants to flip the script. Julius Steyn, CEO of the company, noted that “the focus with the H2ON token is mainly on the financing of projects and not so much on the technical engineering and construction of such projects.”
Water token lists on Bitmart
After trading on decentralized exchanges for a while, H2ON is taking the leap with a listing on a centralized exchange. According to Steyn, H2ON has secured a listing with Bitmart at the start of the week, while trading on the secondary market is scheduled for July 7.
Steyn notes that when H2ON was first listed on decentralized exchanges, it traded at $0.75 and had a volume of only $100,000. However, after a few hours, the value of the token had soared to $11 in under a day, making it one of the fastest-growing tokens in the world.
The token currently trades at $1.61 after recording a 10% gain in the last 24 hours, according to data from CoinMarketCap. Trading volumes have also spiked by 480% following reports of the listing.
GEM Digital’s quest to change the world
GEM Digital, the investment firm backing H2O Water Securities, will hold the H2ON tokens to guide the funding 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 waste processing startup, and Neos Ocular, a company with the mission statement to improve vision.
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