Neema is a Tel Aviv based fintech startup that majors in financial incorporation solution by the use of blockchain. Neema together with Marshal Islands is working to offer the SOV. SOV will be the world’s first ever cryptocurrency tenders. Israel’s parliament approved the legal status of cryptocurrency. The Marshall Islands president’s assistance minister David Paul said that the island is the first country to have a crypto monetary system that is transparent. He added that the country is making its economy more silent. But it has a more transparent payment.
Neema which is supported by Y Combinator was responsible for leading the issuance of SOV. According to Barak Ben-Ezer, CEO of Neema, SOV will revolutionize cryptocurrency. Most of the crypto lovers want the cryptocurrency legalized. He added that SOV is eliminating excuses on as to why should people not venture into crypto. According to him, crypto is actual money. He added that it offers a golden direction between total anonymity and a ledger that is open. He added that it offers users the ability to decide on what and when to disclose.
The Marshal Island in partnership with Neema will put up a presale. This will give the country a chance to secure initial prospects before Initial Coin Offering before the end of 2018. The main aim of a presale is to offer cryptocurrency holders, banks, funds from venture capital and different financial organizations a chance to partner to build the first cryptocurrency. The crypto will be based on the economy and will be their first ever joint vision. Paul said that the country is happy to be the first ever nation in the world to move into the digital currency era. He added that 10% of the country’s proceeds from ICO would go towards Green Climate Fund. This will help the country to fight against the effects of global warming. The global warming effects come from the burning of fossil fuels. This is especially by the industrialized nations. This then affects the small Island nations at a wider range.
Marshall Island is a renown member of UN since 1991. The country is a dropping chain of 1,100 volcanic islands. It is also a coral atoll in the central Pacific Ocean. This is between the Philippines and Hawaii. It has a population of 70,000 and its threatened by the possibilities of sinking into the sea. Moreover, it is highly threatened by climate changes. Roye Rahav, the chief of staff at Neema, said that it is a great step made to grow the disintermediated global monetary system’s vision. Moreover, Rahav is the son of Rani Rahav.
Rani is the Israel publicist working as the Honorary Consul in Israel of the Marshall Islands. Hilda Heine President of the country said that that was a great step made by the country by finally using its currency alongside the dollar. She added that giving SOV units to the country’s citizens will circulate the currency. Moreover, it will help in equal distribution of wealth to the country’s citizens. She said that RMI would invest the revenues to support healthcare. This is especially for those who were affected by the nuclear test by the US among other things. Venezuela gave the petro in February this year. Petro is the first independent currency in the world.