Blockchain-based mobile network YOVO confirms relocation to Malta

YOVO, a blockchain-based mobile network company has confirmed its intention to move to Malta. The investment move is valued at €20 million.

max portanier

Aug 23, 2018

CEO, Richard Skaife, described Malta as ‘the blockchain island’, a place he said he was proud to start calling home. Their Maltese headquarters is set to employ 30 new team members once up and running.

Users will be able to earn their own-issued cryptocurrency tokens, YO, by completing a variety of micro-tasks. They can then exchange their tokens for mobile services with partner mobile networks. Token holders will also receive free virtual private network services as well as other bonuses like mobile phone insurance. A release of one of its products – which allows users to manage and pay for their mobile services using cryptocurrency, is likely to be released sometime this month.

Agreements with over 500 global mobile network carriers are already secured, according to YOVO.

Digital Economy parliamentary secretary, Silvio Schembri, thanked YOVO for its faith in the island. “It is evident that operators within this field are looking for legal certainty and that is what we, as a government, intend to provide,” Dr Schembri said.

Laws to create a regulatory framework for the blockchain sector and set up a Digital Innovation Authority to act as a regulator are currently before parliament at the second reading stage

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