The UK-headquartered venture capital firm Coinsilium Group Ltd. announced on Tuesday that it has acquired another 3.5 percent stake in the Singapore-based blockchain-powered professional social network Indorse Pte. Ltd.
Coinsilium bought the stake for USD 131,250, and now has a 6.5 percent stake in the company, valuing Indorse at USD 3.75 million. Coinsilium, a VC firm that invests in early-stage blockchain technology companies, also has an option until March 31 to acquire another 3.5 percent of ownership in Indorse.
Coinsilium Chairman Malcolm Palle said his company chose to make the investment in part because of Indorse’s successful beta launch of its Ethereum-based social media platform, which is a competitor to LinkedIn.
“Indorse’s successful public beta launch with more than 2,600 sign ups on the platform since the July ‘proof-of-concept’ launch, has confirmed our trust in the capabilities of their development team,” said Palle in a statement. “Indorse is proving to be a perfect match for our strategy of building value for our shareholders through identifying compelling early stage investment propositions lead by highly talented teams. I look forward to joining the Board of Indorse and to working closely with the team at this exciting stage in their journey.”
Indorse co-founder Gaurang Torvekar said he views the Coinsilium investment as a vote of confidence in his company.
“We now have a solid team building the future generation of decentralized social networks and we feel the spike of interest in blockchain by the general public will accelerate Indorse’s market penetration,” he said. “We are happy to welcome Coinsilium’s chairman, Malcolm Palle, to our board and look forward to working with him as we take our company to the next level.”
- Stratis Announces New Blockchain Identity App - July 23, 2018
- SophiaTX and ArkTree Partner to Promote Blockchain in South Africa - July 19, 2018
- Embleema Announces Healthcare Blockchain - July 18, 2018
- Quants, Blockchain & Bots: Gimmer Launches Automated Crypto Platform - July 13, 2018
- Swiss Stock Exchange Building Infrastructure for Digital Assets - July 12, 2018
- HBUS Launches Virtual Currency Platform Open to U.S. Users - July 10, 2018
- Archax Announces Platform that will Cater to Traditional and Crypto Investors - June 29, 2018
- Arsenal FC’s Crypto Partner, CashBet Raises $38 Million - June 22, 2018
- BOX Digital and tZERO Partner for SEC-Regulated Crypto Exchange - June 20, 2018
- Leading Argentine Credit Issuer Naranja Partners with Ripio - June 15, 2018
- Can This Korean Company Trump a President and Launch Peninsula-Wide Satellite Services? - June 14, 2018
- Quebec Moves to Restrict Crypto Mining - June 8, 2018
- Sagewise Using Hashgraph Blockchain to Underpin Smart Contract Resolution - June 7, 2018
- ALTR Releases Blockchain-Based Security Software - June 6, 2018
- Blockchain Startup Paxos Pivots to a $65 Million Raise - June 5, 2018
- Game Changer? Gaming Veterans Join Forces to Create Ultra Platform - June 1, 2018
- Harvard’s Experfy Launches ICO for Blockchain Education Platform - May 31, 2018
- Am-Ex Brings Blockchain to Membership Rewards - May 29, 2018
- Leading SV Funds Back User-Friendly Digital Assets Platform Tari - May 24, 2018
- æternity Launch Blockchain Incubator and Investment Network - May 23, 2018