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Coinsilium forms Singapore joint venture with IOV Labs

The blockchain investment and advisory firm said the venture will promote and commercialise IOV’s services and technologies, principally in Asian markets

Coinsilium Group Limited - Coinsilium forms Singapore joint venture with IOV Labs

Coinsilium Group Limited (LON:COIN) said it has executed an agreement with IOV Labs Limited to establish a joint venture (JV) in Singapore.

The blockchain investment and advisory firm said the JV will promote and commercialise IOV’s services and technologies, principally in the Asian markets, and be financed by IOV through a loan which is to be repaid from future revenues.

READ: Coinsilium investee company Factom files for Chapter 11 reorganisation

IOV is the parent of RSK, the developers of the first smart contract platform secured by the Bitcoin network in which Coinsilium holds an interest of around 1.9mln RIF tokens. It also owns Taringa!, one of the largest Spanish language social media apps with around 30mln members.

Coinsilium said the creation of the JV was a “transformational event” for the firm and presented “a unique commercial opportunity to create meaningful value for shareholders”, although it added that the commitment to the JV will require a “commensurate rebalancing and shift in focus in terms of the company's existing scale, operational capacity and resources”.

As a result, the group said it will shortly commence a strategic business review of its operations and investments to make sure it is “best positioned to maximise its potential”.

"This is the start of an exciting new journey of collaboration for Coinsilium with one of the world's leading blockchain networks. The management of both Coinsilium and IOV share the common vision that blockchain technology can change society for the better and we are already starting to see numerous beneficial blockchain applications manifesting in the real economy, especially in Southeast Asia's fast-growing economies where our JVC will operate”, Coinsilium chief executive Eddy Travia, who will represent the company as a director of the JV, said in a statement.

“This joint venture represents a major step in Coinsilium's development and is set to be one of the key drivers of value creation for Coinsilium's shareholders in the years to come. We look forward to providing the market with regular updates as the joint venture takes shape and progresses", he added.

Coinsilium shares were trading at around 2.45p in mid-morning on Wednesday on the Aquis Exchange.

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Quick facts: Coinsilium Group Limited

Price: 2.35 GBX

AQSE:COIN
Market: AQSE
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