YOVO mobile is the first network on Stellar’s blockchain that will be launched on the European island.
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Another achievement for the blockchain island: a crypto mobile network.
With a team of 30 and an initial investment of 20 million euros, YOVO aims to become the first mobile telecommunications network with its own cryptocurrency.
To do this, it has planned to work with partners in 130 different countries, a number which, according to a press release by the startup, is expected to rise to more than 200 in the next 12 months.
With its crypto-friendly rules and structures Malta, EU member state, has recently welcomed many projects related to the universe of cryptocurrencies and the distributed and decentralized blockchain protocol.
With YOVO – a TLC network based on Stellar’s blockchain technology, where you can earn and spend encrypted money on your phone services – Valletta is just adding another piece to the puzzle.
All this is happening at a time when the island’s authorities are preparing to pass three bills to open the doors to cryptocurrencies.
The Malta Digital Innovation Authority Bill, the Innovation Technological Arrangements Services Bill and the Virtual Financial Assets Bill have been examined at second reading in Parliament.
The Secretary for Financial Services and Digital Economy and Innovation of the Maltese Parliament Silvio Schembri expressed great satisfaction with the arrival of YOVO, a group led and co-founded by Richard Skaife (Managing Director).
Skaife has announced that the “world’s most innovative” mobile phone network is proud to be established in Malta, the world leader in the field of blockchain technology.
“From Malta, we will be serving millions of consumers through our cellular services because the headquarters will be here, and in this way, we will play an active role in the blockchain community which is continuing to grow,” says the manager.