Indorse Receives More Coinsilium Support

Announcements, Investing, News | August 18, 2017 By:

Blockchain venture investment fund Coinsilium has entered into an option agreement to subscribe to 7% of the fully diluted share capital of blockchain startup Indorse, for a total of SGD 350,000 (slightly more than USD $2.5 million)

Indorse, which has already worked with private and public institutions in Singapore as well as an education institutions, is developing 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, allowing endorsements and pay for any activities they do with Indorse’s tokens.

Earlier in June, Coinsilium, the accelerator that finances and manages the development of early-stage blockchain technology companies, invested S$100,000 in Indorse. The latest announcement comes on the heels of Indorse’s token pre-sale, which saw 18,396.21 ETH (approx. $5.5 million) raised in just three days.

The Indorse token sale will run until September 7, when the Indorse Tokens (IND) will be distributed to token sale participants, representing approximately 35% of the total supply created.

“The impressive pre-sale is a vote of confidence for Indorse and reaffirms our position and belief in both the platform and the team. As privacy fears grow, and revenue models fail, the time is ripe for building a blockchain-powered decentralised platform for professionals,” said Eddy Travia, CEO of Coinsilium and Indorse Advisor. “We are confident that the proceeds from the pre-sale and the ongoing public token sale will provide the financial resources for the team to achieve their compelling objective.”

“With the explosion of social networks over the last several years, social media has unquestionably become an integral part of our lives,” said Indorse co-founder and CEO David Moskowitz. “Yet privacy violations and data ownership controversies have seen many users fall out of love with their favourite platforms. The average social media user may not comprehend the true value of their online presence and data. Despite what platform providers may have us believe, social media is not ‘free’ for use. As the saying goes, if you’re not paying for it, you’re the product.”