Coinsilium Group Limited (NEX:COIN), the London-based blockchain venture investment fund, confirmed today the completion of its investment of SG$100,000 (about £56,100) in Indorse – a Singapore-based company developing a blockchain-powered decentralised professional network – via a convertible loan agreement.
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Coinsilium will also receive an entitlement to an undisclosed number of Indorse digital tokens to be issued by Indorse in the next few months. In addition, Coinsilium CEO Eddy Travia has accepted the invitation to join the Board of Advisors at Indorse.
He 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.”