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Coinsilium Group acquires further 3.5% of blockchain-powered social network Indorse

The blockchain technology company said it is acquiring the additional shareholding in the Singapore-based firm at an agreed price of around £97,000
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Coinsilium said Indorse has now moved from the development phase on testnet to mainnet, marking a significant milestone

Coinsilium Group Ltd (NEX:COIN) announced that it has exercised an option to acquire a further 3.5% of the share capital of Indorse Pte. Ltd. via its wholly owned subsidiary Seedcoin Limited, taking its total holding to 10%.

The blockchain technology company said it is acquiring the additional shareholding in the Singapore-based blockchain powered social platform at an agreed price of around £97,000. 

WATCH: Indorse will empower social media users after Facebook scandal, says Coinsilium boss

The company said the total amount invested in Indorse is now approximately £246,000 at a pre-money valuation of around £2.5mln.

Coinsilium said Indorse has now moved from the development phase on testnet to mainnet, marking a significant milestone for the platform.

Malcolm Palle, the chairman of Coinsilium, said: “We are delighted to continue to support Indorse and make this further investment that sees us increase our interest to a meaningful 10% shareholding.”

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