Blockchain-focused venture builder and investor Coinsilium Group Limited (NEX:COIN) is teaming up with another company to address a growing sector of the fintech space. Focusing on mobile payments, the firm signed a Memorandum of Understanding with German XETRA-listed UMT United Mobility Technology AG.
The agreement between the firms is for a three month period. Coinsilium, which finances and manages the development of early-stage blockchain technology companies, has chosen UMT because of its focus on individual mobile payment and blockchain solutions.
The companies will jointly work for three months to explore the potential for the development of a blockchain-based digital token solution for mobile payments. The token is to function as a medium of exchange exclusively for portable applications. The solution is aiming at the massive B2C area of mobile payments.
Commenting on the news, the CEO of Coinsilium, Eddy Travia, said: “We look forward to working with UMT AG 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,” Travia elaborated.
Coinsilium will also provide its expertise to assist UMT in evaluating and determining specific economic characteristics, token models and other specific properties required for a potential token sale.
German XETRA-listed UMT currently holds 3,288,000 shares in Coinsilium Group Limited (NEX:COIN) which amounts to 3.04% of the issued share capital of the firm.
Eddy Travia is a speaker at the Finance Magnates London Summit. He will be giving his presentation on ICOs in the Seminar Room.