Coinsilium signs mobile payments MoU with UMT
08 November 2017 | 2647 views | 0
Coinsilium Group Limited (NEX:COIN), the blockchain venture builder and investor that finances and manages the development of early-stage blockchain technology companies, is pleased to announce that it has signed a Memorandum of Understanding with UMT United Mobility Technology AG (“UMT”), a German company listed on XETRA, a trading venue operated by the Frankfurt Stock Exchange, and specialised in the development and implementation of individual mobile payment and blockchain solutions for large-scale customers such as PAYBACK (American Express Group).
• MoU signed with mobile payments specialist, UMT United Mobility Technology AG;
• Coinsilium and UMT to collaborate in the development of blockchain technology for mobile payments services focused on the B2C market;
• Explore the use of digital tokens as a medium of exchange for mobile payments; and
• Targets commercial agreement with UMT
Under the MoU agreement, Coinsilium will, for a period of 3 months, work with UMT to explore the potential to develop a B2C solution for a blockchain-based digital token to function as a medium of exchange specifically focused on mobile payments. Both parties believe there are a number of opportunities to explore the development of blockchain technology solutions for mobile payment services and in the structuring of digital token offerings.
Coinsilium will also aid UMT in evaluating and determining the economic characteristics, token models and other specific properties required for a potential token sale.
Eddy Travia, Coinsilium’s CEO commented: “We are delighted to announce this MoU with UMT AG and we look forward to working with them in establishing the terms for a mutually beneficial commercial agreement in the near term. UMT is a major player in the European mobile payments arena with partnerships with major names such as PAYBACK (American Express Group).
“Our combined experience in the blockchain space makes us well placed to create innovative, reliable and safe solutions for the mobile payments industry. Our advisory team’s expertise, gained over many years, is pivotal to attracting and securing collaborations with quality partners such as, UMT.”
UMT has also advised Coinsilium that it currently holds 3,288,000 shares in Coinsilium Group Limited (NEX: COIN) representing 3.04% of the issued share capital of the Company, excluding treasury shares.
The Directors of Coinsilium Group Limited take responsibility for this announcement.