H2O Water Securities, a South Africa-based company that combines finance, infrastructure and expertise in the deployment and operation of water plants, has launched a world-first crypto water token.
As per the company, globally, more than two billion people — almost 30 percent of the world’s population — live in water scarce conditions and this number is expected to increase to 50 percent of the population by 2030.
Compounding the problem is a lack of funding for water infrastructure. The global funding gap for water infrastructure could exceed $18-trillion by the end of 2030, as highlighted by a 2016-18 OECD report.
The crypto token, 'H2ON' (Water Network) is simply a means to raise capital to finance global water projects. H2ON has already attracted investment of $150 million from GEM Digital, a digital asset investment firm based in the Bahamas that invests in utility tokens listed on over 30 centralised and decentralised exchanges around the world.
Also Read:
“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,” said Julius Steyn, CEO and founder of H2O Holdings.
It will be listed on global cryptocurrency exchange Bitmart on Monday. It will be available on secondary markets by Thursday, allowing people to invest in water infrastructure. The token has been available on decentralised cryptocurrency exchanges for the past few months.
“Our initial decentralized listing provided us with proof of great interest in the concept of a digital H2O Securities token. With an initial listing price of about $0.75 and a trading volume of $100 000, it increased to $5.00 within just a few hours and exceeded $11.00 in less than 24 hours later. During the initial listing stages, it was the fastest growing token globally and peaked at a trading volume of over $450,000 in 24 hours. The initial listing was tracked on Coin Market Cap (CMC) and the debut Centralized Exchange listing will also be tracked by CMC,” added Steyn.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024 — how regional parties are challenging national giants in Phase-4
May 15, 2024 6:17 AM
Supreme Court refuses plea seeking 6-year poll ban on PM
May 14, 2024 7:14 PM
Punjab Lok Sabha elections 2024: A look at BJP candidates
May 14, 2024 7:06 PM
Lok Sabha polls: EC disposes of 90% complaints related to MCC violations
May 14, 2024 4:45 PM