Indorse, a Singapore-based startup developing a blockchain-powered decentralised network for professionals, has completed its token pre-sale with proceeds reaching 18,396.21 ETH (over $5 million). The token sale is now open to the public and will remain so until 7 September 2017.
Eddy Travia, CEO of Coinsilium (NEX: COIN), who is backing the venture, commented: “The successful token pre-sale provides a tremendous vote of confidence for Indorse and confirms our belief in the team’s ambitious vision for building a global blockchain-powered decentralised platform for professionals.
We are confident that the significant level of the proceeds from the pre-sale and the ongoing public token sale will provide the financial resources for the team to accelerate its path towards achieving its objectives.”
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Coinsilium announced that it has entered into an Option Agreement to subscribe to 7% of the fully diluted share capital of Indorse for a total of SGD350,000. The agreement is valid for a 3 month term and if fully exercised, Coinsilium would have the right to appoint an individual to the board of Indorse.
Separately, on 8 June 2017, Coinsilium made an investment of SGD100,000 (about £56,100) in Indorse through a convertible loan agreement and received an undisclosed number of Indorse digital tokens. If Coinsilium chooses to fully convert these, its equity position in Indorse would be around 10%.
Travia said: “We are also very pleased to have been granted this additional option under terms which will allow us to increase our equity stake in Indorse’s capital at a pre-agreed, conservative valuation.
Following on from the successful exit from our investment in SatoshiPay, achieving a valuation uplift of 363% in under two years, it is important that we demonstrate our ability to identify the next opportunities for our portfolio with the potential to replicate and build on this impressive performance.
We believe that Indorse represents such an opportunity and its model for using blockchain and smart contract technology to reward user activity introduces a disruptive new paradigm into the multi-billion-dollar social network industry.”