GEM Digital JV to Develop New Water Delivery System Using Cryptocurrency Technology
Global investment firm GEM Digital has contributed heavily to a joint venture aiming to develop a new, water delivery system using cryptocurrency technology.
The GEM Digital investment firm reportedly purchased H20N tokens from H20 Securities for $150 million.
GEM Digital will be able to fund water delivery infrastructure in areas that lack sufficient access to fresh water by holding H20N tokens, which will be used as a guide.
GEM Digital is a Bahamas-based investment firm that specializes in alternative investments, such as digital assets and resource extraction devices. H20 Securities aims to increase water availability worldwide and hopes that its solution will do so.
In a joint statement released on July 4, the CEO of H20 Securities Julius Steyn said, "The focus with the H2ON token is mainly on financing water projects internationally and not so much on the technical engineering and construction of such projects."
GEM Digital has made investments in two firms that are working to improve living conditions for humans: Changing World Technologies, which recycles food waste, and Neos Ocular, which manufactures lasers that can be used to improve eyesight.
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 that it can reduce the time it takes for water suppliers to deliver to new clients compared with traditional means.
On July 4, H20N was listed on the Bitmart centralized exchange (CEX) launchpad initial decentralized offer (IDO) platform following the announcement of its release.