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Coinsilium signs investment agreement with Bitcoin smart contract developer IOV Labs

Under the deal, IOV will invest £250,001 into Coinsilium through a private placement and will also help establish a joint venture in Singapore

Coinsilium Group Limited - Coinsilium signs investment agreement with Bitcoin smart contract developer IOV Labs

Coinsilium Group Limited (LON:COIN) has announced a strategic investment agreement with IOV Labs, the developer of a smart contract platform secured by the Bitcoin network.

The blockchain investment and advisory firm said under the terms of the deal, IOV will invest £250,001 into Coinsilium through a private placement to subscribe for around 9.4mln new shares at a price of 2.65p each, a 29% premium to its closing price on Monday.

READ: Coinsilium unveils plans for blockchain software and smart contract development studio

Coinsilium said the funds will be used toward joint initiatives between itself and IOV to help further development and growth.

In addition to the investment deal, the company said it had also agreed a memorandum of understanding (MOU) with IOV to establish a joint venture (JV) in Singapore to promote and commercialise the products, services and technologies of IOV’s subsidiary firm, RSK, in the Asian market.

Another key objective of the JV will be to promote the adoption in the region of the RIF token, which powers the ecosystem of RSK’s solutions.

Additional agreements defining the terms of the JV and collaboration between IOV and Coinsilium in Asia are expected to be concluded and signed within the new few weeks, the company said.

Eddy Travia, the chief executive of Coinsilium, said the agreement with IOV represented “a clear demonstration of confidence in Coinsilium's development strategy, whilst significantly strengthening the ties between Coinsilium and IOV Labs”.

“The rapidly-evolving blockchain ecosystem in Asia is an important strategic market for RSK, and comprises some of the most dynamic and fast-growing blockchain hubs in the world. We look forward to updating the market in the near term as we work towards finalising the definitive JV agreement which will enable us to further our collaboration with the IOV Labs and RSK's teams. The Board continues to focus on delivering long term value to Coinsilium shareholders through continued revenue generation and growth", he added.

Coinsilium also said that its chairman, Malcolm Palle, and IOV Labs CEO Diego Gutierrez Zaldivar will today be hosting a Startup Grind session in Gibraltar.

Coinsilium shares, which are traded on the NEX exchange, were at 2.1p in early morning on Tuesday.

--Adds share price--

Quick facts: Coinsilium Group Limited

Price: 2.15 GBX

NEX:COIN
Market: NEX
Market Cap: -
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Full interview: Coinsilium's Eddy Travia details MoU and strategic...

Coinsilium Group Limited (LON:COIN) CEO Eddy Travia caught up with Proactive London's Andrew Scott after announcing a strategic investment agreement with IOV Labs. Alongside the investment deal, Travia says they've also agreed an MOU with IOV to establish a joint venture in Singapore. IOV...

on 28/1/20

2 min read