World Mobile Token Ltd, which is enabling a new global mobile network built on the sharing economy, announces the launch of its utility-based World Mobile Token (WMT) on the Cardano blockchain. The company aims to raise $40 million within the first five weeks of the public sale on top of the $5 million it has raised privately.
The KYC application opens on June 15th, when participants will be able to create their private WMT vaults. Applicants will be notified when they are approved and it’s their turn to purchase tokens with ADA, BNB, BTC, DAI, or ETH. Participants will need a Cardano address to make a purchase, and will have 24 hours to do so.
Globally 1.7 billion adults remain unbanked, according to the World Bank. Despite many of the technological advancements many of us take for granted, most traditional banks require a manual onboarding process and rely on credit bureaus to verify client identity. These manual, in-person procedures deny many demographics from basic services, such as the ability to open an account, apply for a loan and mortgage, or obtain access to other financial opportunities.
The World Mobile Network aims to bring sustainable connectivity to communities, in Africa and beyond, through the WMT sharing economy. The company sells affordable network nodes to local business owners and implements blockchain-based digital IDs, in turn empowering the African continent with greater economic freedom, digital inclusion, blockchain adoption, and connection to the Internet.
The World Mobile Network already operates in East Africa. Starting with Tanzania and Kenya, the company aims to bring sustainable connectivity to communities through the sharing economy. WMT will power the World Mobile Network ecosystem, allowing World Mobile Network users access to digital banking, healthcare, digital identification, and educational institutions.
“The launch of our native utility token on the most promising blockchain out there really pushes our vision forward,” says Sean Inggs, director of World Mobile Token Ltd. “WMT will fuel our ecosystem to empower thousands to obtain access to basic necessities including identification, access to education, banking and other fundamental services.”
