Despite the wave of bad news and market selloffs seen in the cryptocurrency space, projects are still able to raise funds in a bid to build and innovate in the space. Today, H20 Water Securities, a South African-based company was able to raise $150 million from the GEM Digital investment firm through the sale of its native token, the H20N token.
H20 Water Securities is a crypto-focused company that touts to combine finance, infrastructure and expertise, in the development, deployment and operation of water plants. The firm aims to bring more significant development in water infrastructure worldwide and hopes that its solution will increase water availability to the world’s population.
GEM Digital is a $3.4 billion Bahamas-based investment firm specializing in alternative investments such as digital assets and resource extraction devices. 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.
What you should know
- 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.
- 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.
Coinciding with the announcement, H20N was also listed on the Bitmart centralized exchange (CEX) launchpad initial decentralized offer (IDO) platform on Monday. The token has been available for purchase in the last few months on DeFi platforms.
H20N is listed on DeFi platforms for $0.75 and has traded as high as $11, a 1,366% gain.
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