Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF), the Web3 investor, advisor and venture builder, said it has not been able to resolve its dispute with IOV Labs over its Singapore-based 50/50 joint venture (JVC).
As a result and the fact that the mediation process has now run its course, both IOV Labs and Coinsilium have agreed in principle to wind up the JVC.
In the event of the winding up of the joint venture, Coinsilium chief executive Eddy Travia will have no further involvement with the JVC.
In a statement, Coinsilium said while the outcome of the mediation was disappointing, the conclusion of the process and the agreement in principle with IOV Labs means it can draw a line under the joint venture and focus on its core business activities.
IOV Labs currently holds a 13.28% stake in Coinsilium.