Stellar Lumens (XLM) based “YOVO” which is the world’s first cryptocurrency mobile network has chosen Malta as its home. The YOVO mobile phone network will be built on Blockchain technology. Malta’s crypto friendly regulations have made it the home of several organizations in the crypto space. So it comes as no surprise that the blockchain based phone network has chosen Malta to take their project ahead. According to sources, the phone network will be completely built on the Stellar network.
The Blockchain company is on a roll these days with news of projects built on Stellar network announced almost daily. It was recently announced that the Stellar based altcoins exchange, Stronghold plans to launch the networks’ first USD anchor.
They believe that the Stellar protocol is the fastest for building financial products which connects people across the globe. This is one of the main criteria to choose to build the phone network based on the Stellar Blockchain. YOVO has placed its faith in Stellar’s network like the Kin Foundation and IBM.
Through the London based mobile service has over 500 mobile network partners across 130 countries. YOVO’s users can earn and spend cryptocurrencies with these partners at the launch. The company also plans on expanding to over 200 countries within a year of the launch. The network operates with a SIM or on a virtual SIM-based network too. And in the case of the virtual SIM-based network, their supporting network technology will be Stellar.
The alpha version of their product, YOVO GO will be released sometime this month. The global product can be used to monitor and pay for mobile services using crypto coins. Their headquarters will have a team comprising of 30 members initially with an investment of 20 million euros.
According to them, their primary aim is,
“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.”
They further added that,
“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 did post about the progress on the project last week, but it did not reveal much details.
“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!”
The Maltese parliamentary secretary for Digital Economy, Silvio Schembri 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.”
Image via Malta Today
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