World Mobile, a blockchain-based mobile network “owned by the people”, has launched a buyback program for the native utility token World Mobile Token (WMT).
The repurchase program will see the World Mobile treasury buy WMT from the open market. The first buyback already happened on May 29, the company said in a press release.
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.
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