GEM Digital backs SoMee via $50M investment facility

GEM Digital Restricted has dedicated $50 million to SoMee by a token subscription facility.
The blockchain-based social media platform will use the funding to extend the liquidity of native token $SME
SoMee customers earn token rewards in $SME and Hive blockchain’s $HIVE once they like or submit on the community.

SoMee.Social, a blockchain agnostic social media platform powered by HIVE blockchain expertise, has secured a $50 million funding dedication from Bahamas-based digital asset funding agency GEM Digital Restricted.

Liquidity for native token $SME

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

SoMee additionally plans to leverage the funding to drive additional development for its SoMee.Social community, together with incentivising customers. On this, SoMee customers have entry to US dollar-denominated earnings that replicate their rewards in $SME and $HIVE tokens. 

Community customers earn these tokens from posting content material or “liking” posts by different customers. The incentives apply to all customers throughout SoMee and all HIVE-based purposes tapped into the social media channel’s posting information.

SoMee, which obtained startup grants from Amazon Net Providers (AWS) and IBM, will formally be accessible within the Apple and Google app shops by early September. The platform is already accessible by way of internet at SoMee.Social.

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