H2O Water Securities has just created the first water token in the form of a cryptocurrency. The water network (H2ON) was created to fund projects worldwide that address the important issue of water scarcity.
Through a pooled fund, which has already accumulated close to $150 million, this South African company aims to transform the way water projects are financed globally using blockchain technology.
According to research by H2O Water Securities, more than 30% of the world’s population already “lives in water-scarce conditions” and, over the next eight years, the planet could suffer a catastrophe. The company wants to alter the narrative because it recognizes that a significant lack of project funding exacerbates the problem. The main objective of the H2ON currency, according to the company’s CEO Julius Steyn, is to finance natural projects beyond engineering and technical construction.
H2ON goes a step further by listing on a centralized market after previously listing on decentralized platforms. Steyn notes that H2ON had a volume of just $100,000 and was trading at $0.75 when it began trading on decentralized exchanges. However, within hours, the token’s value skyrocketed to $11 in less than a day, making it one of the fastest-growing tokens in the world.
According to the article, GEM Digital, the investment firm behind H2O Water Securities, will hold H2ON tokens to direct funding for water projects in places that lack the necessary infrastructure.
Undoubtedly, the use of blockchain technology in the fight against climate change has the potential to be very beneficial. In this case, a currency is being introduced to finance new businesses and attract a completely different clientele than the traditional one. So as we move closer to our goal of reducing CO2 emissions by one billion tons by 2030, we at GreenTrade are striving to incorporate blockchain technology and develop the potential for new decentralized financial products.
