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Coinsilium increases stake in Indorse, a blockchain a social network firm

Coinsilium is paying just under £100,000 in order to acquire a 3.5% stake, which will increase its shareholding to 6.5%, and has the option to increase the stake to 10%
ethereum, bitcoin
Indorse's tokens are worth around US$34mln based on present Ethereum prices

Coinsilium Group Limited (NEX:COIN) told investors that it has increased its shareholding in Indorse, a blockchain-powered social network for professionals.

It is paying just under £100,000 in order to acquire a 3.5% stake, which will increase its shareholding to 6.5%, and under the terms of an option deal the company can acquire a further 3.5% to increase the stake to 10%.

READ: Coinsilium appointed to advise Hyundai-backed Blockchain event

Additionally, Coinsilium chairman Malcolm Palle is to join the Indorse board of directors, representing the listed firm’s wholly owned Seedcoin subsidiary.

Indorse in September raised funds with an Ethereum token issue, which at the present prices represents a total valuation of US$34mln.

Gaurang Torvekar, Indorse co-founder, said: “We see Coinsilium’s increased equity stake in Indorse as a significant vote of confidence in our achievements to date, following our successful token sale, and trust in our capacity to rise to the challenge of competing with the largest social media platforms.

READ: Coinsilium Group inks blockchain tie-up with mobile payments specialist

“We now have a solid team building the future generation of decentralised social networks and we feel the spike of interest in blockchain by the general public will accelerate Indorse’s market penetration.

“We are happy to welcome Coinsilium’s Chairman, Malcolm Palle, to our board and look forward to working with him as we take our company to the next level.”

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