Crypto Mobile Network Calls Malta its Home

Richard Skaife, Co-founder and CEO of YOVO, tells us more about the first Tokenised Mobile Network. Founded in 2017 and headquartered in Malta, YOVO allows customers to top-up their mobile phone with over 40 different cryptocurrencies and alt-coins.

Every business has a story. Can you tell us yours?

My business background has been a mixture of mobility, venture building, electronic music and venture capital. I have been coming to Malta since I was a small child, and my first flatmate when I moved to London was half Maltese. He is not really a "techie" guy, and he was slightly confused when I told him I was moving to Malta in early 2018. He was not familiar with Malta's decision to regulate the DLT sector.
Our company offers everything you would find in a mobile operator, the only difference being that we do not own any towers, whilst other operators do. We have already launched our first service.YOVO Pay is a platform that allows customers to pay their current mobile network by cryptocurrencies in over 130 countries. We believe in a flat management structure, sharing the rewards with all and giving people the framework to grow their careers. We are looking to scale our Malta HQ team to around 30 people, with a wide variety of skills: from software development to marketing, treasury, partnerships, risk, customer support and management. 


Can you tell us more about the technology powering your blockchain-based mobile network?

We are a digital currency issued on the Stellar Network. It's a blockchain built for speed, security and low-cost use. It means we can move micro amounts of money around the globe at near zero cost, instantly. So far, the biggest challenges for companies operating in the blockchain & DLT industry have been speed and cost.


YOVO SIM card 

In your view, what are the key competitive advantages of Malta and what are the key challenges of doing business internationally from Malta?

Malta is the first choice for companies operating in the blockchain & DLT sector, not only at European level, but globally too. The progressive and supportive approach of the Maltese Government has led to the emergence of a blockchain ecosystem, which is clearly an advantage. We are seeing now that more and more companies are joining this ecosystem. The fact that everyone speaks English is also a big advantage of doing business in Malta. On the other hand, we find it challenging that not everyone knows where the island is geographically located. Another challenge would be the limited availability of flights, especially during the summer.

What are the biggest opportunities for your particular business and for your sector in general in Malta?

For us, it was very important to be part of the blockchain ecosystem from day one.The world's 'blockchain eyes' are on Malta at the moment. This is hugely beneficial as the country is attracting big cryprocurrencies companies, and more and more people are starting to adopt digital currencies. We have already seen mass market adoption in some Asian markets, and now we are targeting the West. 




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