YOVO Becomes The Next Blockchain Based Company To Migrate To Malta
YOVO, a company which prides itself as the world's first “cryptocurrency mobile phone network“, has chosen Malta as the destination to establish its global headquarters.
In a statement issued yesterday, the government said London-based YOVO, which is “powered by blockchain“, would be employing 30 team members in Malta, with an initial investment of €20 million, and more to follow.
YOVO gives its customer a chance to earn and spend crypto on mobile service which has more than 500 mobile network partners in over 130 countries. These are the numbers just at launch as they have plans to expand in more than 200 countries in the next 12 months. They operate both SIM and virtual SIM-based networks.
The first release of YOVO GO is yet to be out, however, official reports suggest that it is to be out soon. They will be home to 30 full-time team members at the opening, with 20 million Euros in their bank account.
Malta’s government has been a major part of Malta attracting crypto-based businesses in the island. Their Parliamentary Secretary for Financial Services, Digital Economy, and Innovation Silvio Schembri said the following about YOVO coming to their country:
“This news comes at perfect timing. Just today, the 3 bills Malta Digital Innovation Authority Bill, Innovation Technological Arrangements Services Bill and Virtual Financial Assets Bill are now at the 2nd reading stage in Parliament and we look forward to enacting them into law. It is evident that operators within this field are looking for legal certainty and that is what we, as a Government, intend to do. I thank YOVO for putting their trust in our country, for creating new jobs in this field and for their commitment and input in making Malta The Blockchain Island.”
When asked about Malta becoming the new home of YOVO, their CEO, and Co-founder, Richard Skaife said:
“We shall serve millions of digital money customers with mobile service from Malta, as our headquarters and be an active part of the broader blockchain community that’s growing daily on The Blockchain Island.”