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According to reports, H2O Securities, based in South Africa, sold the H2ON coin to the investment company GEM Digital to raise $150 million. GEM Digital will own H2ON tokens due to their massive investment, which will help fund the construction of water delivery infrastructure in places with a severe lack of access to fresh water.
GEM Digital Specializes in Non-Traditional Investments
The $3.4 billion Bahamas-based investment company GEM Digital specializes in non-traditional investments like digital assets and machinery for extracting resources. H2O Securities thinks that its solution will enhance the water available to the world's population while also bringing about more significant growth in water infrastructure globally.
"The focus with the H2ON token is mainly on the financing of water projects abroad and not so much on the technical engineering and building of such projects," H2 Securities CEO Julius Steyn stated in a joint release on July 4.
GEM Digital has a history of investing in technologies that aim to improve the environment and human living standards. It has investments in Neos Ocular, a company that makes lasers to enhance eyesight, and Changing World Technologies, which processes food waste. GEM had previously invested in QBNK Holding AB, a provider of digital asset management services. Bills between H2ON network participants, such as water plant operators and their customers, will be settled using H2ON. It claims to shorten the time it takes for water companies to deliver to new customers compared to conventional methods by soliciting money to finance water projects.