Malta continues to be in the news for all things crypto and blockchain with another intriguing announcement in the past few days. YOVO, which claims to be the world’s first cryptocurrency-based mobile phone network, has decided to set up shop in Malta. This announcement follows the news that cryptocurrency exchange giants, DQR, Binance, and OKEx also have decided to open operations in the EU island state which is now dubbing itself as the ‘Blockchain Island.’
YOVO, the London-based startup, will employ 30 team members with an initial investment of €20 million, and more to follow, has chosen Malta as its global headquarters. Yovo is the first mobile network powered by its own currency and works closely with mobile network partners in over 130 countries. This figure is estimated to increase to over 200 in the next 12 months.
YOVO describes itself as a global mobile phone network built on blockchain technology and allows users to earn and spend cryptocurrency using their mobile service. The company said that it currently has mobile network partners in no less than 130 countries with the YO token issued on Stellar Lumens.
Richard Skaife, CEO and Co-Founder of YOVO, said that his company was excited to begin operating in Malta and was ready to hit the ground running.
“We shall serve millions of digital money customers with mobile service from Malta, as our headquarters and be an active part of the broader blockchain community that’s growing daily on The Blockchain Island.”
Through this joint effort, Malta takes another step towards becoming the worldwide leader in creating a blockchain-friendly ecosystem and establishing a fertile environment for blockchain companies. This is just in time, as the three bills which will eventually regulate the cryptocurrency space – the Malta Digital Innovation Authority Bill, the Innovation Technological Arrangements Services Bill and the Virtual Financial Assets Bill – are now at the second reading stage in Parliament.
Jay is pretty interested in the crypto space. He’s written for several publications on the topic and has lots of ideas on how the world can be made a better place with blockchain technology. He’s also a fintech journalist with some years of experience and enjoys writing about new startups, ICO’s as well as any other intriguing news that catches his fancy.