World Mobile launches buyback program for its WMT token

June 22, 2023 11:00 PM AEST | By Invezz

World Mobile launches buyback program for its WMT token — Image source: Invezz

Eyeing a sustainable sharing economy

World Mobile allows users to become mobile network operators, where they can share their internet connection – connect the unconnected. By securing this network, people earn the WMT token. The crypto project is making inroads into a sharing economy sector that is expected to grow to a $335 billion market by 2025.

Today, some of the top businesses in the traditional market include Airbnb, which was founded in 2008; London-based Stashbee – the Airbnb for storage; and Zipcar, a car-sharing platform.

According to details shared with Invezz today, World Mobile says it aims to accumulate rewards for participants as it targets a sustainable sharing economy. Those set to benefit from the initiative are token holders and network operators.

World Mobile CEO Micky Watkins commented:

“The token buyback program reaffirms our commitment to both our token holders and the network 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.”

Watkins says the buyback, which is akin to a share buyback or token burn in that units of supply are removed from circulation, is part of the business model set to not only strengthen the network’s overall stability but also improve World Mobile’s utility.

The team will use funds from the mobile network’s commercial services that launched early this year to fund the buyback program. World Mobile plans to expand the project across Africa, Asia, and the US.

The post World Mobile launches buyback program for its WMT token appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.