Coinsilium, a London-based company driving innovation in fintech and blockchain technologies, has increased its share in blockchain-powered professional social network Indorse to 6.5%.
According to the official release, Coinsilium has acquired an additional 3.5% share of Indorse for $175,000 SGD as per the terms of an Option Agreement. It had an existing equity stake of 3%. The Indorse Option has been extended to March 2018 and Coinsilium is entitled to a further 3.5% share.
“We are currently on the cusp of a data tipping point, with users becoming increasingly aware of the value their data holds, and in-turn increasingly protective of that data. With Indorse, we are proud to present a platform that empowers users to control their own data and offers the opportunity to earn rewards. The increased investment by Coinsilium is a stamp of approval on our project and our notable progress to date,” Gaurang Torvekar, Co-founder of Indorse said.
The Indorse token sale finished on September 7, 2017, with proceeds reaching 27,422.98 ETH from over 1,800 contributors. In November 2017, Indorse launched its MVP, allowing registered users to build professional profiles on the platform.
Indorse said that as it has successfully progressed from token sale to working product, the management team has also seen a transformation. Co-founder Gaurang Torvekar will move from the position of CTO to CEO, while Co-founder David Moskowitz will take the role of Director. In addition to the two moves, Coinsilium Chairman Malcolm Palle will be appointed as a Director of the Board of Indorse.
“With in-depth industry experience, ambitious objectives, and strong technical expertise, Indorse reflects the Coinsilium vision of investing early in highly talented teams and inspiring projects. I look forward to joining the board and advising the team as Indorse welcomes future milestones and developments,” Malcolm Palle, Chairman of Coinsilium said.
Established in 2014, Coinsilium has built a portfolio of interests in fast-growing companies from around the world such as Factom, RSK Labs, CoinDash, and Indorse. It finances and manages the development of early-stage blockchain companies through its consortium of top-tier investors, industry thought leaders, and executive managers.
