Coinsilium Teams with UMT to Explore Blockchain for B2C Mobile Payments

Announcements, Blockchain, FinTech | November 9, 2017 By:

Blockchain venture builder and investor Coinsilium is collaborating with German mobile payments firm UMT United Mobility Technology AG to explore blockchain technology for mobile payments.

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.

Over the past three years, Coinsilium has built a portfolio of interests in blockchain companies from around the world, including Factom, RSK Labs, Minebox and Indorse. Coinsilium was originally set up to offer investors exposure to opportunities in the fast-growing blockchain industry via a recognized stock exchange (NEX Exchange).

UMT is a technology and financial services company based in Munich. The company develops services and solutions for mobile and electronic payment systems, based on its own “Mobile Payment and Loyalty Platform.” The platform supports mobile operating systems like Apple iOS, Android and Microsoft Windows Phone and uses different transaction-technologies, such as near field communication (NFC), optical codes and bluetooth. UMT currently owns a 3.04% equity stake in Coinsilium.

Under the Memorandum of Understanding (MoU), the companies will collaborate for three months to explore the potential for a blockchain-based digital token which could be a medium of exchange specifically for mobile payments. The collaboration is aimed at the business-to-consumer (B2C) area of mobile payments.

Coinsilium will also help UMT in evaluating and determining the economic characteristics, token models and other specific properties required for a potential token sale.