Coinsilium Group Limited (AQSE:COIN) has signed a strategic advisory agreement with Lition Technology AG, a blockchain infrastructure company, to support the firm in the preparation and execution of a US$25mln token sale.
The blockchain venture builder said under the agreement, it would assist Lition through the process of a token generation event (TGE), which once complete, would allow it to expand its blockchain infrastructure.
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Lition is developing the first scalable public-private blockchain with ‘deletable’ data features that will allow businesses to bring blockchain applications from the Proof-of-Concept stage into commercial products for mass-market adoption.
The firm is also working in partnership with Torsten Zube, the global head of blockchain at German software corporation SAP, to execute the TGE, the tokens from which will be used in transactions on its decentralised application for peer-to-peer energy trading that currently has revenue and customers from more than 10 cities.
The majority of the US$25mln funding target will be reinvested in engineering research & development and testing, as well as building partnerships for real-world use-cases.
Eddy Travia, chief executive of Coinsilium and member of Lition’s advisory board, said the solution had gained “significant traction” in a short time period, with its outlook “strengthened” by its relationship with SAP.
In early afternoon trading Wednesday, Coinsilium shares were at 6.1p.