- Summary:
- World Mobile started buying back its WMT token on May 29th, thanks to success in Zanzibar for its sharing-economy driven telecom venture.
World Mobile, a blockchain and sharing economy-driven telecom company, has announced the commencement of a token buyback programme to promote the long-term growth of its sharing economy. World Mobile’s treasury will be buying its native utility token, World Mobile Token (WMT), on the open market as part of the token repurchase programme.
Token buyback and its place in World Mobile’s vision
World Mobile says it wants to build a mobile ecosystem where everyone can benefit and where users have greater control over their data and have the means to earn revenue while at it. The company’s token buyback programme is an essential aspect of the company’s long-term strategy to realise its vision and enhance the experience of its users and the people who take part in its sharing economy.
According to a company release, the first buyback took place on May 29. Contributors to the growth and success of World Mobile’s innovative mobile solutions will be rewarded in the form of tokens through a buyback programme. As the company grows and new customers are brought on board in Africa, Asia, and the United States, it plans to reinvest more of its profits into stock buybacks.
World Mobile CEO Micky Watkins said: “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.”
The latest announcement comes on the heels of an announcement last month that World Mobile had opened its commercial cellular network in Zanzibar. In addition, the firm has seen significant success in its Zanzibar market, with weekly sign-ups averaging 1,000 and peak daily users reaching 16,000 in May thanks to its inexpensive mobile data service.
The company is using earnings from its operations in the East African country to buy back the WMT tokens. The company believes that by following through on its business plan and starting buybacks with real revenue, it is helping the World Mobile ecosystem become more stable and attractive to users.