Coinsilium Group Limited (COIN)
Coinsilium Group Limited: IOV Labs Asia signs MoU with RedFOX Labs
18-Aug-2020 / 08:13 GMT/BST
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COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: Joint Venture with IOV Labs Update
IOV Labs Asia signs MoU with RedFOX Labs to build fast scaling internet
businesses on and for the RSK Blockchain
London, UK, 18 August 2020 - Coinsilium Group Limited (AQSE:COIN) the
Blockchain, DeFi and Crypto Finance venture operator, is pleased to announce
that its joint venture company ('JVC') with IOV Labs Ltd ('IOV') in
Singapore ('IOV Asia') has signed a Memorandum of Understanding ('MoU') with
Vietnam-based RedFOX Labs Joint Stock Company ('RedFOX') to build fast
scaling internet businesses on and for the RSK Blockchain in the Southeast
Asian region.
Background
On 8 July 2020, Coinsilium announced the execution of a Joint Venture
agreement with IOV to establish a 50/50 Joint Venture Company in Singapore,
IOV Asia, to promote and commercialise RSK's products, services and
technologies in the Asian markets. Eddy Travia, Coinsilium's Chief
Executive, has also been appointed as director of IOV Asia. The MoU with
RedFOX represents IOV Asia's first commercial and technical agreement.
RedFOX is a blockchain venture builder based in Vietnam, that identi?es and
replicates successful pure play business models with a focus on the
Southeast Asian markets. RedFOX works to build, launch and scale high growth
ventures in Southeast Asia. Its focus is to unlock the true market potential
of the digital economy for high consumer demand services such as e-commerce,
e-media, e-travel and e-sports/gaming.
IOV Asia - RedFOX MoU
The MoU is expected to lead to formal commercial and technical agreements
whereby RedFOX will migrate its applications to the RSK blockchain and
become a hub for RSK blockchain technology expertise in Vietnam under the
IOV Asia JV umbrella.
This will also enable IOV Asia to showcase the attributes and benefits of
RSK technology to potential clients in the region.
Under the terms of the MoU, IOV Asia will assist RedFOX with technical
integration, technical training and joint marketing efforts in the region.
In addition to making its applications compatible with RSK technology and
migrating those onto the RSK blockchain, RedFOX also aims to become a hub to
educate, promote and commercialise RSK and RSK Infrastructure Framework
(RIF) solutions in Vietnam.
Coinsilium Chief Executive Eddy Travia commented: "We are excited to be able
to announce our first agreement under the banner of IOV Asia, and a new
partner in Southeast Asia. RedFOX brings its know-how and expertise in
hyper-growth digital applications with a team led by Ben Fairbank, a former
C-Level executive for global brands such as Virgin, Ooredoo and Grab. Ben
has significant experience in building and growing businesses in fast
growing markets.
Through IOV Asia, we look forward to working with the whole RedFOX team and
we are confident this agreement is the first step of a win-win relationship
between RedFOX, IOV and Coinsilium which will provide us with an effective
springboard into the Vietnamese market.
Vietnam is one of the fastest growing markets in e-commerce among Southeast
Asian nations with a 49% compounded annual growth rate in e-commerce gross
merchandise value between 2015 and 2019, increasing from $0.4Bn in 2015 to
$23Bn in 2019 (1). We also see this partnership as a perfect fit for
Coinsilium's new DeFi and Crypto Finance strategy as RedFOX has the skills
and network to deploy RSK-powered Open Finance solutions in the region,
which has the potential to accelerate the commercial development of IOV
Asia."
Ben Fairbank, CEO, and Co-founder of RedFOX Labs commented "As a venture
builder focused on high growth ventures in the emerging Southeast Asian
emerging markets, the ability to move with speed is imperative. We are
thrilled to announce the collaboration with IOV Asia to build together fast
scaling internet businesses on and for the RSK blockchain.
As a result of the agreement, RedFOX Labs will be able to scale faster, have
access to some amazing technology and tools, and to deploy more pure-play
businesses focusing on the fastest growing sectors of the digital economy.
Due to the unprecedented growth in the region, the requirement for the
companies we build is beyond our capacity alone, therefore this
collaboration allows both parties to capitalise on the opportunities in
front of us. The experience of both teams, the regional knowledge, and tech
resources combine to form a formidable union."
IOV Labs Chief Executive Diego Gutierrez Zaldivar commented: "Southeast Asia
is one of the regions in the world where we expect blockchain technologies
to make a significant, positive impact. We are very excited about the
partnership with REDFOX Labs as it will enable to boost the RSK Blockchain
and RSK Infrastructure Framework (RIF) ecosystem in the region, accelerating
adoption of the technology in Vietnam, a key market within this region".
(1) Source: Google & Temasek / Bain, e-Conomy SEA 2019
https://www.bain.com/insights/e-conomy-sea-2019/ [1]
The Directors of Coinsilium Group Limited take responsibility for this
announcement.
For further information, please contact:
Coinsilium Group Limited +44 (0) 7785 381 089
Malcolm Palle, Executive Chairman www.coinsilium.com
Eddy Travia, Chief Executive
Peterhouse Capital Limited +44 (0) 207 469 0930
Guy Miller / Mark Anwyl
(AQSE Growth Market Corporate Adviser)
SI Capital Limited +44 (0) 1483 413 500
Nick Emerson
(Broker)
Notes to Editor
About Coinsilium
Coinsilium is a focused Blockchain, DeFi and Crypto Finance venture
operator. As the first ever IPO of a blockchain company in 2015, Coinsilium
has harnessed its experience and wide-ranging network to invest in leading
blockchain projects such as RSK/IOV Labs, Indorse and Blox.
In July 2020 Coinsilium executed an agreement with global blockchain
protocol company IOV Labs, to establish a 50/50 Joint Venture Company in
Singapore to promote and commercialise RSK's products, services and
technologies in the Asian markets and to promote the adoption in the region
of the RIF token which powers the ecosystem of solutions developed by RSK,
their partners and developers around the world.
Coinsilium shares are traded on the AQSE Growth Market, the primary market
for unlisted securities operated by Aquis Stock Exchange, a Recognised
Investment Exchange under the Financial Services and Markets Act 2000.
For further information please visit [2]www.coinsilium.com [2] or follow
@CoinsiliumGroup on Twitter
About RedFOX Labs
RedFOX is a blockchain venture builder based in Vietnam, that identi?es and
replicates successful pure play business models for the Southeast Asian
markets. RedFOX works to build, launch and scale high growth ventures in
Southeast Asia. Its focus is to unlock the true market potential of the
digital economy for high consumer demand services such as e-commerce,
e-media, e-travel and e-sports/gaming. RedFOX builds companies that promote
Access, Adoption and Application for the Internet Economy. The RedFOX team
innovates with emerging technologies, differentiates with superior Customer
Experience and Value, and maintains a relentless focus on Digital Inclusion.
For further information please visit: https://redfoxlabs.io/ [3]
About IOV Labs
IOV is focused on developing the platforms needed for a new blockchain-based
financial system that will enable worldwide financial inclusion and bridge
the gap between these nascent technologies and mass adoption.
The organization is currently developing various implementations of the RSK
Smart Contract Network, RIF and Taringa's platforms. The RSK Network is the
most secure Smart Contract platform in the world, as it relies on Bitcoin's
hash power. RIF is a suite of open and decentralized infrastructure
protocols that enable faster, easier and scalable development of distributed
applications (dApps) within a unified environment to enable mass adoption of
Bitcoin and RSK and Taringa! - Latin America's largest Spanish speaking
social network with 30 million users and 1,000 active online communities -
through the integration with Bitcoin, RSK and RIF will help shape the
Internet of the Future, which intends to confer on individuals full control
of their information and value.
For further information please visit: www.iovlabs.org [4] ,www.rsk.co [5] ,
www.rifos.org [6] www.taringa.net [7]
ISIN: VGG225641015
Category Code: MSCM
TIDM: COIN
Sequence No.: 82300
EQS News ID: 1119777
End of Announcement EQS News Service
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(END) Dow Jones Newswires
August 18, 2020 03:14 ET (07:14 GMT)
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