• Mon. Oct 3rd, 2022
1661608510831 91a1ee25 8c1e 49d2 8c2a 2ff1c4bd29d1
1661608510831 91a1ee25 8c1e 49d2 8c2a 2ff1c4bd29d1

  • GEM Digital Limited has committed $50 million to SoMee through a token subscription facility.
  • The blockchain-based social media platform will use the investment to increase the liquidity of native token $SME
  • SoMee users earn token rewards in $SME and Hive blockchain’s $HIVE when they like or post on the network.

SoMee.Social, a blockchain agnostic social media platform powered by HIVE blockchain technology, has secured a $50 million investment commitment from Bahamas-based digital asset investment firm GEM Digital Limited.

Liquidity for native token $SME

An announcement by the platform on Friday said that the investment group’s backing was being provided via a Token Subscription Facility, which SoMee will channel into fueling liquidity for its HIVE-backed native token $SME.

SoMee also plans to leverage the investment to drive further growth for its SoMee.Social network, including incentivising users. In this, SoMee users have access to US dollar-denominated earnings that reflect their rewards in $SME and $HIVE tokens. 

Network users earn these tokens from posting content or “liking” posts by other users. The incentives apply to all users across SoMee and all HIVE-based applications tapped into the social media channel’s posting data.

SoMee, which received startup grants from Amazon Web Services (AWS) and IBM, will officially be available in the Apple and Google app stores by early September. The platform is already accessible via web at SoMee.Social.

The post SoMee.Social secures $50M investment commitment from GEM Digital appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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