Coinsilium Group Limited (LON:COIN) said portfolio firm IOV Labs has seen its technology used to develop a recently launched decentralised finance (DeFi) platform.
The RIF on Chain platform was launched on April 21 by Money on Chain (MOC) and has three main assets - RIF Dollar, RIFpro and RIFX.
READ: Coinsilium says portfolio and partners ‘well prepared’ to face coronavirus disruption and aftermath
RIF Dollar is a RIF-collateralised stablecoin pegged to the US dollar and guaranteed by a smart contract.
Meanwhile, RIFpro is a token mirroring the RIF token price fluctuations and redistributes a share of the fees generated by the RIF on Chain platform transactions to its holders. This means holders can stake RIF tokens and earn fees while enabling an essential function of the RIF on Chain ecosystem.
Finally, RIFX is a leveraged asset for users who wish to get exposure to RIF token price changes.
MOC and IOV originally partnered in 2018, with MOC using IOV’s RSK Infrastructure Framework Open Standard to develop its decentralised finance platforms.
Coinsilium also said that on 16 April IOV announced it had created a proof-of-concept, for a permissioned blockchain network, based on the RSK Smart Network, in conjunction with the Argentina Central Bank and major commercial banks in Argentina including Santander and BBVA.
"The RIF on Chain DeFi platform is a great example of innovation within a token ecosystem. Whilst several RIF services are being developed by IOV Labs with RIF tokens as the medium of exchange, 'RIF on Chain' represents a great live opportunity for RIF token holders and we expect this to have a positive impact on global awareness as a driver for adoption of the RSK Network and the RIF digital token”, Coinsilium chief executive Eddy Travia said in a statement.
“Likewise, the proof-of-concept created for a group comprising the Argentina Central Bank and major commercial banks in Argentina demonstrates that IOV Labs is leveraging the RSK network and the expertise of its talented team in smart contract and blockchain technologies to contribute to the improvement of nationwide financial systems, he added.
Shares in Coinsilium were trading at around 2.3p on the Aquis Exchange on Wednesday morning.