Being one of the world’s leading investors and supporters of blockchain-supported venture projects, Coinsilium Group Limited has announced that it has entered into a Strategic Investment Agreement with renowned firm IOV Labs based in Gibraltar. The firm has also signed an MOU with IOV Labs to strengthen its core network by establishing a Joint Venture Company in Singapore.
Interestingly, Coinsilium is the proud owner of a whopping 1,951,846 RIF tokens of RSK, which serves as the sister concern of IOV Labs. RSK takes pride in being the curator for the world’s first smart contract platform infused with the security of the Bitcoin blockchain network.
According to the official reports, IOV Labs has successfully completed an investment round of GBP250,001 through a private placement in the firm. The reputed entity subscribed to 9,434,000 new ordinary shares of no-par value at 2.65p per share. The funds pooled in shall benefit both the participating entities in expanding their operational capabilities to unexplored markets as well as provide a helping aid to the development initiatives in a big way.
The MOU signed between IOK Labs and Coinsilium allows the creation of a Joint Venture Company focused on the promotion and commercialization of RSK’s services, products, and offerings to the Asian marketspace. The newly constituted firm will lead to RSK’s services proliferation into corporations, governments, NGOs, etc. It will help in lubricating the adoption process of RIF token which lends support to core RSK network, its partners, and developers hailing from around the world.
As per the terms of the MOU, Eddy Travia, who presently serves as the CEO of Coinsilium, shall be appointed as the Director of the Joint Venture Company and Regional Director of IOV Labs for the Asia-Pacific region.
Eddy Travia stated that
The rapidly-evolving blockchain ecosystem in Asia is an important strategic market for RSK, and comprises some of the most dynamic and fast-growing blockchain hubs in the world. We look forward to updating the market in the near term as we work towards finalizing the definitive JV agreement which will enable us to further our collaboration with the IOV Labs and RSK’s teams. The Board continues to focus on delivering long term value to Coinsilium shareholders through continued revenue generation and growth.
Also, CEO of IOV Labs, Diego Gutierrez Zaldivar, commented on the partnership stating that it is an important move that will help the firm in establishing new strategic partnerships for long term success and development.
Coinsilium has announced that it will be hosting the upcoming Startup Grind session in Gibraltar on January 28, 2020. The event will witness crucial panel discussions amongst top leaders such as Malcolm Palle, the Chairman of Coinsilum, Diego Gutierrez Zaldivar, Joey Garcia, etc.