The world’s first cryptocurrency mobile phone network – YOVO chose Malta as its home which will be built on the blockchain technology. Being called the blockchain pro-nation, YOVO has chosen Malta. The blockchain based phone network will be completely built on the Stellar network and will be relocated to Malta where they plan to take their project ahead.
The phone network will be built based on the Stellar blockchain as they believe it is the fastest protocol to build financial products that connect people everywhere. Just like Kin Foundation and IBM believed in Stellar’s network, YOVO has its faith in Stellar.
The London based YOVO’s mobile service allows users to earn and spend cryptocurrencies with more than 500 mobile network partners across 130 countries at the launch. Later on, it will expand from 150 to more than 200 countries within the next 12 months of launch. It operates with a SIM or on a virtual SIM-based network too, and in this case, Stellar will be their supporting network technology.
YOVO’s alpha release of YOVO GO can be seen around this month, June. The alpha release is a global product that can be used to monitor and pay for mobile services using digital currencies. Their team residing in the headquarters will consist of 30 members initially with an investment of 20 million euros.
They stated their primary aim:
“We shall serve millions of digital money customers with mobile service from our Malta HQ and be an active part of the broader blockchain community that’s growing daily on blockchain island.”
Adding on they said:
“We are particularly grateful for the support of the Maltese Government through Junior Minister for Financial Services, Digital Economy and Innovation Silvio Schembri as we launch YOVO.”
YOVO had posted last week about their progress of this project without revealing much:
“We’re very excited to share something we’ve been working on. Our universal top-up service YOVO GO lets you pay your phone bill with crypto almost everywhere – with support for over 500 operators worldwide from day one. Launching soon!”
Silvio Schembri , Digital Economy parliamentary secretary said:
“This news comes at perfect timing. Just today, the three bills—Malta Digital Innovation Authority Bill, Innovation Technological Arrangements Services Bill and Virtual Financial Assets Bill—are now at the second reading stage, and we look forward to enacting them into law.”
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