South African-based H20 Securities is said to have raised $150 million from investment firm GEM Digital through the sale of the H20N token.
By investing such a massive sum, GEM Digital will keep the H20N tokens, which will be used to direct funding into water delivery infrastructure in areas that lack adequate access to fresh water.
GEM Digital is a $3.4 billion Bahamas-based investment firm that specializes in alternative investments such as digital assets and resource mining hardware. H20 Securities aims to bring about a more significant development of water infrastructure around the world, and hopes that its solution will increase the availability of water to the world’s population.
In a joint announcement on July 4, H20 Securities CEO Julius Steyn said: “The focus with the H2ON token is primarily on financing water projects internationally and not on the technical engineering and construction of such projects.”
GEM Digital is no stranger to investing in technologies designed to improve the environmental impacts and living conditions of humankind. Its portfolio includes investments in Changing World Technologies, a food waste processing company, and Neos Ocular, a company that produces lasers to improve vision.
GEM has previously invested in digital asset management service QBNK Holding AB.
H20N will be used to settle bills between H20N network participants, including waterworks operators and their customers. By raising money to fund water projects, it claims to reduce the time it takes water suppliers to get it to new customers compared to traditional means.
Related: “Buy Bitcoin, Plant a Tree, Reduce Your Time Preferences”: The Sequoia Story
In conjunction with the announcement, H20N was also listed on the Bitmart Central Exchange (CEX) Initial Decentralized Offering (IDO) platform on Monday.