Coinsilium Group Limited (NEX: COIN), the accelerator that finances and manages the development of early-stage blockchain technology companies, is pleased to announce the completion of its investment of SG$100,000 (circa £56,100) in Indorse Pte. Ltd. through a convertible loan agreement.
Indorse is a Singapore-based company developing a blockchain-powered decentralised professional network. In addition, Coinsilium will receive an entitlement to an undisclosed number of Indorse digital tokens to be issued by Indorse in the next few months.
Indorse is a professional social networking platform co-founded by David Moskowitz and Gaurang Torvekar. Indorse’s co-founders have demonstrated their ability to successfully deploy blockchain technology and smart contract solutions for private companies and public institutions in Singapore, including the issuance of digital diplomas onto the blockchain for one of Singapore's leading institutions of higher learning.
The Indorse platform will be integrated with a number of decentralised applications (DApps) such as: Attores Certificate Issuance Platform, Inter Planetary File System (IPFS), uPort identity system, Truffle, Spectrum and Status.
Coinsilium’s CEO Eddy Travia has accepted the invitation to join the Board of Advisors at Indorse.
Eddy Travia, CEO of Coinsilium, stated: “We are very excited to invest and support skill-based professional network Indorse and its founding team. As the multiple benefits of decentralised platforms become apparent to the millions of members of today’s centralised social media networks we believe there will be a natural pattern of migration towards this new generation of decentralised platforms. Indorse will also allow users to profit from sharing their skills and activities on the platform via reward tokens. This is a new and game-changing model in a multi-billion-dollar social media industry and we are confident that Indorse has the requisite skills and talent to propel Indorse to become one of the world’s most popular decentralised social platforms.”
David Moskowitz, Co-Founder and CEO of Indorse, commented: “We are very proud to join the prestigious roster of Coinsilium’s portfolio companies and we look forward to Coinsilium’s support and guidance. Indorse has the aim to revolutionise professional social networking using new models of tokenisation and decentralisation and we believe that Coinsilium’s expertise and deep knowledge in this space will be a strategic advantage to reach our goals.”