A new blockchain-based mobile network which promises to pay users for using their own phones has confirmed plans to set up its headquarters in Malta. 

Launched in London earlier this year, YOVO is the first 4G mobile network powered by its own cryptocurrency. Users can choose to purchase YO Tokens with over 40 different cryptocurrencies or to earn them directly from their phones by carrying out simple actions such as receiving calls or texts, downloading new apps, shopping through the phone, or helping other users through community based support. YOVO has confidently claimed its network will eliminate entirely the need for roaming fees worldwide. 

Moreover, users are incentivised to hold YO Tokens, with benefits ranging from free and discounted device insurance to airport lounge access and discounts from hundreds of retailers. Users can either purchase a YOVO SIM card or utilise it through other mobile operators. 

YOVO co-founder and CEO Richard Skaife said his company will invest around €20 million in setting up shop in Malta and will employ around 30 people. 

“The world’s most innovative mobile network is proud to call Malta, the global leader in blockchain, its home,” 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.”

Parliamentary secretary for the digital economy Silvio Schembri welcomed YOVO on board, nothing that Parliament will soon debate a Bill intended to regulate the blockchain industry. 

“It is evident that operators within this field are looking for legal certainty and that is what we, as a government, intend to provide,” he said. 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.”

What do you make of Malta’s pitch to become ‘The Blockchain Island’? 

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Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]