GEM Digital backs SoMee via $50M investment facility

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

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

local token $SME . liquidity for

One Announcement The platform said on Friday that the investment group’s support was being provided through a token membership facility, which will boost liquidity for SoMee, its HIVE-backed native token $SME.

SoMee plans to leverage the investment to drive further growth for its network, including incentivizing users. In it, 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 “likes” by other users. These incentives apply to all users of SoMee and all HIVE-based applications used in posting data to social media channels.

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

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