From the island of the blockchain there is another premiere: a crypto mobile phone network. YOVO, a London startup, has chosen Malta as the location for the development of its pioneering project.
With a team of 30 members and a starting investment of 20 million euros, YOVO aims to become the first mobile telecommunications network with its cryptocurrency.
To do so, it has planned a collaboration with partners in 130 different countries, a number that, according to the startup, in a press release, is expected to rise above 200 in the next 12 months.
With its rules and crypto-friendly structures Malta, a member of the EU, has welcomed in recent times many projects related to cryptocurrencies and the distributed and decentralized blockchain protocol.
With YOVO – tlc network based on the Stellar blockchain technology, where it is possible to earn and spend cryptocurrencies on telephone services – Valletta does nothing more than add another piece to the puzzle.
Everything happens just as the island authorities are preparing to approve three new laws to open the doors to digital coins.
The Malta Digital Innovation Authority Bill, the Innovation Technology Arrangements Services Bill and the Virtual Financial Assets Bill have come to the second reading in Parliament.
The Secretary for Financial Services and the Digital Economy and Innovation of the Parliament Silvio Schembri expressed great satisfaction with the arrival of YOVO, a group led and co-founded by Richard Skaife (CEO).
Skaife has made it known that the “most innovative mobile phone network in the world” is proud to be able to settle in Malta, world leader in the field of blockchain. From the island – says the manager – “we will be able to serve millions of digital customers with mobile services, since our headquarters will play an active role in the growing community of the blockchain”.