Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF) told investors that the focus of its collaboration with Indorse is on the launch of the Byzant Ecosystem.
The partners have, as such, paused negotiations over a transaction which envisaged Coinsilium taking a larger shareholding in its associate.
In a statement, the company added that a corporate-level transaction between Coinsilium and Indorse remains attractive and both parties have agreed to revisit this potential in the future.
In the meantime, Coinsilium and Indorse are focused on delivering the Byzant launch, starting with a testnet version slated to go live before the end of March.
“Given the highly intense activity of the past few months which we expect to continue over the course of the year, we believe we are making the right decision in choosing to dedicate our time and energy to pursue our collaboration with Indorse with regards to the Byzant Web3 Ecosystem,” Coinsilium chief executive Eddy Travia said in a statement.
“We expect to announce significant additional information in respect of the Byzant collaboration over the coming weeks and months that we believe will demonstrate the importance of this project for Coinsilium and its shareholders.”
Gaurang Torvekar, Indorse chief technology officer, meanwhile, added: “We are very pleased with the progress we are making on the development of the Byzant Web3 Ecosystem and with our collaboration with Coinsilium.
“Our priority now will be to focus our efforts on Byzant and its Web3 applications, in readiness for the forthcoming Testnet launch. We look forward to continuing our working relationship with Coinsilium and announcing further updates on the advancement of the Byzant ecosystem and its applications.”