World Mobile – a mobile network built on blockchain technology – said it will launch a token buyback scheme to aid the sustainable growth of its sharing economy.
The entity’s treasury will purchase its native utility token WMT from the open market and distribute rewards to its ecosystem’s participants.
World Mobile’s Latest Step
According to a press release seen by CryptoPotato, the organization has already executed such a buyback on May 29. The program mainly focuses on leading contributors who have supported the network’s development.
CEO Micky Watkins said the initiative reaffirms World Mobile’s commitment to token holders and operators “who have and will continue to play a crucial role in the success of our sharing economy.”
“By repurchasing World Mobile Tokens (WMT) from the open market, we aim to build a sustainable sharing economy for all our participants.
We believe that by executing on our business model and initiating buybacks from real-world revenue is a large step towards mass adoption and strengthens the overall stability and utility of the World Mobile ecosystem,” the executive added.
The network’s primary goal is to establish a sustainable mobile ecosystem where customers can earn revenue and have increased ownership over data and infrastructure. The token buyback program fits into that long-term strategy and is one way to add more value for users.
It is worth mentioning that WMT has climbed by nearly 5% for the past 24 hours, surpassing $0.10 (per CoinMarketCap data).
The Expansion in Africa
The decentralized wireless network operator recently disclosed the completion of its DeWi technology field tests in Nigeria, Kenya, and Mozambique. The experiments displayed the scalability of World Mobile’s hybrid-connectivity solution, hinting about a further spread of services across Africa.
The blockchain-built network supplies affordable Internet access to rural areas that are usually left behind leading providers. As such, World Mobile’s solution could be vital for struggling regions in the aforementioned countries. Sharing more details on the conducted tests was CEO Watkins, who said:
“We are thrilled to announce the successful completion of field tests in Kenya, Mozambique, and Nigeria, which mark a significant milestone in World Mobile’s mission to connect the unconnected.
These tests validate the feasibility and scalability of our DeWi technology, bringing us one step closer to providing affordable and reliable internet access to both rural and underserved areas worldwide.”
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