Blockchain Accelerator Coinsilium Increases Stake in Indorsebr>
Coinsilium said it has acquired an additional 3.5% share of Indorse for $175,000 SGD as per the terms of an Option Agreement. It had an existing equity stake of 3%. The Indorse Option has been extended to March 2018 and Coinsilium is entitled to a further 3.5% share.
Coinsilium is an accelerator that finances and manages the development of early-stage blockchain technology companies. Based in London, Coinsilium’s focus is on driving innovation in FinTech and blockchain and enabling businesses to take advantage of growth opportunities.
Indorse, which has already worked with private and public institutions in Singapore, as well as education institutions, developed a blockchain-powered decentralized professional network via a convertible loan agreement. The company allows users to display their skills on the network, which are then confirmed by the blockchain. It allows endorsements and pays for any activities they do with the company’s IND tokens. The company raised $9 million during its initial coin offering (ICO) in September.
Indorse said that as it has successfully progressed from ICO to working product, the management team has also seen a transformation. Co-founder Gaurang Torvekar will move from the position of CTO to CEO, while co-founder David Moskowitz will take the role of director. Coinsilium Chairman Malcolm Palle has also been appointed as a director of the board of Indorse.
“We are currently on the cusp of a data tipping point,” with users becoming increasingly aware of the value their data holds, and in-turn increasingly protective of that data,” said Torvekar. “Our platform empowers users to control their own data and offers the opportunity to earn rewards.”
“Indorse’s successful public beta launch, with more than 2,600 sign ups on the platform since the July ‘proof-of-concept’ launch, has confirmed our trust in the capabilities of their development team,” said Malcolm Palle, Chairman of Coinsilium.