African infrastructure firm lands $150M to launch crypto water token
South Africa-based H20 Securities has reportedly raised $150 million from the GEM Digital investment firm through the sale of the H20N token.
By investing such a tremendous amount, GEM Digital will hold H20N tokens, which will be used to guide funding in water delivery infrastructure in areas that lack sufficient access to fresh water.
GEM Digital is a $3.4 billion Bahamas-based investment firm specializing in alternative investments such as digital assets and resource extraction devices. H20 Securities aims to bring more significant development in water infrastructure worldwide and hopes that its solution will increase water availability to the world’s population.
In a joint announcement on July 4, CEO of H20 Securities Julius Steyn said, “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.”
GEM Digital is no stranger to investing in technologies designed to improve environmental effects and living conditions for humanity. Its portfolio includes investments in Changing World Technologies, a food waste processing firm, and Neos Ocular, a firm that produces lasers to improve vision.
GEM previously invested in the digital asset management service QBNK Holding AB.
H20N will be used to settle bills between H20N network participants, including water plant operators and their clients. By raising funds to finance water projects, it claims to reduce the time it takes for water suppliers to deliver to new clients compared with traditional means.
Related: ‘Buy Bitcoin, plant a tree, lower your time preference’: A Sequoia story
Coinciding with the announcement, H20N was also listed on the Bitmart centralized exchange
Read more on cointelegraph.com
