Coinsilium Group Limited: Indorse and Byzant Update
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Coinsilium Group Limited (COIN)
COINSILIUM GROUP LIMITED ("Coinsilium" or the "Company")
Coinsilium Group Limited: Indorse and Byzant Update
London, UK, 29 January 2024 - Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Web3 investor, advisor and venture builder hereby provides an update in respect of its investee company Singapore registered Indorse Pte. Ltd (“Indorse”) and collaboration with Indorse on the Byzant Web3 Social Network Ecosystem (“Byzant”).
Coinsilium currently holds 1,433 shares or 10.156% of the current share capital of Indorse.
On 28 November 2023, Coinsilium announced it had entered Heads of Terms (“HoT”) with Indorse to acquire a further 2,773 shares of Indorse for 65m new Coinsilium shares at 3p per share representing a consideration of GBP£1.95m. The Heads of Terms with Indorse are non-binding with no penalties or liabilities applying for either party for the discontinuation of these negotiations.
Coinsilium and Indorse have agreed to not proceed with the negotiations at this time, given the complexity of the proposed share acquisition transaction and the time required to complete the neccesary due diligence work. Both Coinsilium and Indorse will now focus on their collaboration towards the successful development and launch of the Byzant Ecosystem and its applications, as referred to in the Company’s announcement on 1 December 2023 a link to which is below.
The work in respect of this collaboration has accelerated and is entering a particularly active period with the forthcoming Testnet version currently slated for this quarter, by the end of March 2024. A Testnet application is deployed on the test network of a blockchain for testing and experimentation where transactions are settled with ‘test tokens’ therefore without any financial risk for its users. The Testnet instance is a significant milestone as it is the first step towards the Mainnet version which is the first live instance of an application for public use and tangible transactions.
Coinsilium and Indorse remain of the view that a corporate level transaction remains attractive to both companies and the intention is to revisit this once Byzant is more advanced and with less operational pressure on both companies in this regard.
Eddy Travia, Chief Executive of Coinsilium, commented: “Given the highly intense activity of the past few months which we expect to continue over the course of the year, we believe we are making the right decision in choosing to dedicate our time and energy to pursue our collaboration with Indorse with regards to the Byzant Web3 Ecosystem.
We see a growing interest in the benefits of decentralised social networks and the Web3 applications enabling these networks, and the talented team at Indorse has the perfect technical skills to propel Byzant to a leading position in this emerging space.
We expect to announce significant additional information in respect of the Byzant collaboration over the coming weeks and months that we believe will demonstrate the importance of this project for Coinsilium and its shareholders.”
Gaurang Torvekar, Chief Technology Officer at Indorse, commented: “We are very pleased with the progress we are making on the development of the Byzant Web3 Ecosystem and with our collaboration with Coinsilium. Our priority now will be to focus our efforts on Byzant and its Web3 applications, in readiness for the forthcoming Testnet launch. We look forward to continuing our working relationship with Coinsilium and announcing further updates on the advancement of the Byzant ecosystem and its applications.” The Directors of Coinsilium Group Limited take responsibility for this announcement.
Notes to Editor About Coinsilium Coinsilium is an investor, advisor and venture builder at the forefront of Web3 convergence. The Company invests in and accelerates Web3 and AI powered technology start-ups whilst supporting their development and commercialisation. Coinsilium also provi4.25des strategic advisory services to start-ups looking to issue tokens through token generation events. Coinsilium’s wholly owned subsidiary Coinsilium (Gibraltar) Limited is the Company’s operational hub in Gibraltar. In 2015, Coinsilium became the first blockchain company to IPO. Coinsilium shares are traded on the Aquis Growth Market in London, under the ticker symbol "COIN", and on the OTCQB Venture Market in the United States under the ticker symbol "CINGF".
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | VGG225641015 |
| Category Code: | MSCM |
| TIDM: | COIN |
| Sequence No.: | 300085 |
| EQS News ID: | 1824505 |
| End of Announcement | EQS News Service |
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