Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF) said it has been appointed advisor to Metalinq Labs Inc, entering into a token purchase agreement to buy future Metalinq tokens.
According to a statement, the blockchain and open finance venture builder will purchase US$200,000 worth of future Metalinq tokens in the initial pre-seed funding to be distributed over a vesting period, which is backed by the founding team behind the portfolio company Indorse Pte. Ltd.
The purchase is part of an investment into Metalinq Labs and Metalinq, a “next generation Layer 3 protocol solution enabling interoperability between metaverses”.
Metalinq is creating a protocol That creates bridges between NFT standards.
Coinsilium chief executive Eddy Travia, in a statement, said: “Metalinq is designed to address this issue and we are confident that the experienced and talented team at Indorse has the right skills to develop Metalinq’s next generation Layer 3 protocol into a viable universal technology solution."
Coinsilium will provide advisory services, the statement said, covering token economics, strategic developments and partnerships to name a few.
Current Indorse token holders will receive Metalinq tokens based on their current Indorse holdings, as well as subject to certain terms, with Coinsilium possessing over 5mln tokens.
“We're excited to have secured Coinsilium's backing for the Metalinq Layer 3 interoperability protocol,” said Indorse chief executive and tech lead of the Metalinq protocol, Gaurang Torvekar.
Coinsilium highlighed a report published last month by McKinsey & Company which found that "the metaverse has the potential to generate up to US$5trn of value creation by 2030”.