YOVO, the first cryptocurrency mobile phone network in the world has settled on Malta as its new headquarters. YOVO is a mobile phone network that is built on blockchain technology. Through the system, users earn and spend cryptocurrency for using the mobile services. The mobile network will be entirely built on the Stellar network and will shift its operations to Malta from where they intend to develop the project further.
YOVO, which is based in London, says it currently has operations in over 130 countries around the world with over 500 mobile network partners in those countries. The company intends to move from 150 to over 200 countries in the next 12 months. The network runs the YO token, which is built on Stellar. According to the company, the choice of Stellar was based on its ability to handle many transactions and involves very little fees for end users. YOVO joins companies like IBM and Kin Foundation that have built their networks on Stellar. The company has said it will set up a team of 30 people in Malta with an initial investment of €20 million.
YOVO has announced that its alpha release, YOVO GO, will be seen before the end of this month. The alpha release is a global product which can be used to monitor as well as pay for mobile services using cryptocurrencies.
In a statement, the company said it will be serving millions of its digital customers from its Malta headquarters. YOVO says its move to Malta will enable it be part of a wider blockchain community which is growing daily in the island country. The company lauded the Maltese government for being very supportive of the bid to move operations.
Malta has established itself as a fertile ground for blockchain technology to thrive. This has earned the island country the name “Blockchain island.” Recently, Binance became the latest leading crypto exchange to move its operations to Malta. Malta is a favorable blockchain ground because of its blockchain-friendly regulatory framework. The country is also well advanced in terms of technology and innovation, which offers a good and strong foundation for blockchain technology to thrive on.