World Mobile Token Ltd, which is enabling a new global mobile network built on the sharing economy, has announced the launch of its utility-based World Mobile Token (WMT) on the Cardano blockchain.
According to the press release shared with Herald Sheets, the company aims to raise $40 million within the first five weeks of the public sale, in addition to the $5 million it has raised privately.
The report stated that the Know Your Customer (KYC) application is set to go live on 15th June 2021. This will enable participants to create their private WMT vaults.
Applicants will be notified when they are approved, so as to buy tokens with Cardano (ADA), Binance Coin (BNB), Bitcoin (BTC), or Ethereum (ETH). However, all participants will need a Cardano address to make a purchase within 24 hours.
Regarding the need for the new development, the report says:
“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 Initiative Aims To Bring Sustainable Connectivity to African Communities
As widely known, the World Mobile Network aims to bring sustainable connectivity to communities in Africa and beyond via the World Mobile Token (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.
Currently, the World Mobile Network is operating in East Africa, starting with Tanzania and Kenya. It aims to bring sustainable connectivity to communities.
WMT will power the World Mobile Network ecosystem, giving World Mobile Network users access to digital banking, healthcare, digital identification, and educational institutions.
Reacting to the new development, Director of World Mobile Token Ltd, Sean Inggs, said:
“The launch of our native utility token on the most promising blockchain out there really pushes our vision forward. WMT will fuel our ecosystem to empower thousands to obtain access to basic necessities including identification, access to education, banking and other fundamental services.”