LONDON: Coinsilium Group Limited’s Gibraltar subsidiary, Terrastream Limited, has entered into a Memorandum of Understanding (MoU) with Indorse Pte. Ltd. to jointly launch a Non-Fungible Token (NFT) technology development studio in Gibraltar.
It is proposed that the partnership will be based in Gibraltar and conducted through TerraStream, to be renamed “Nifty Labs Limited” which will trade under the commercial name “Nifty Labs”.
Subject to agreement of the terms and the structure of the Partnership, TerraStream and Indorse agree to enter into one or more detailed legally binding agreements formalising their relationship and the terms of the Partnership.
The proposed Partnership shall be conditional on:
● the board of directors of each Party approving the Partnership;
● the board of directors of Coinsilium Group Limited, TerraStream’s parent company, approving the Partnership;
● there not having occurred any event or circumstance (whether in relation to a Party or otherwise) that may result in a material adverse change to the terms or operation of the proposed Partnership between the date of signing this Memorandum and execution of the Formal Agreement(s).
Coinsilium CEO Eddy Travia commented: “On behalf of the board I am most pleased to be able to announce the execution of this MoU with Indorse. This development marks a significant step forward for Coinsilium in the advancement of its newly adopted Blockchain venture builder strategy.
It also comes on the back of our recently announced partnerships with Gibraltar Philatelic Bureau and RedFOX Labs to create an NFT digital counterpart for Gibraltar’s forthcoming commemorative Cryptocurrency postage stamp.
With increasing attention and fast-growing investor interest in NFTs (NBA Top Shot has now reached USD250 million in aggregate sales of ‘NFT Moments’ as of last week according to CryptoSlam), the timing of this new proposed partnership with Indorse could not be better for Coinsilium’s ambitions within the fast growing NFT space.
The proposed partnership will also bring Indorse’s technical skills to the fore as demand for the development of NFT solutions continues to grow at an exponential rate.
We will be working at an accelerated pace towards finalising a partnership agreement and further details regarding terms, structure and developments in target markets will be provided to the market in a timely manner over the coming weeks and months.”
The MoU with Indorse marks Coinsilium’s second NFT venture initiative, following the announcement on 17 December 2020 of its agreement with The Gibraltar Philatelic Bureau Ltd for the creation of a commemorative limited edition Cryptocurrency Postage Stamp (the ‘Crypto Postage Stamp’) to be released in Q2 2021.
The Crypto Postage Stamp will be tied to the release of a blockchain based Digital Collectible, or non-fungible token (NFT) counterpart, to be exclusively produced by Coinsilium in collaboration with Vietnam-based RedFOX Labs Joint Stock Company (RedFOX) under the terms of a Technical Development and Support agreement announced by the Company on 10 December 2020.
The Parties believe there are a number of opportunities in blockchain technology focused software development and agree, in good faith, to enter into negotiations relating to the Partnership to explore the potential for cooperation.
Through Nifty Labs, the Parties wish to develop smart contract systems for NFT applications. The Parties also wish to explore opportunities for other smart contract systems and models with applications across various industry sectors.
The Parties also intend to develop smart contract systems for NFT applications compatible with the RSK token standard so that NFT transactions can occur on the RSK blockchain and the NFTs can be traded for RBTC and/or RIF tokens and be used within the RSK ecosystem of platforms and applications.
The Parties further propose that the activities of Nifty Labs shall also include the development and production of scalable and enterprise grade blockchain technology and smart contract based solutions which can be sold or licensed to third parties across a variety of industries.
Currently, although ERC-721 compatible Smart Contracts and tokens can be written on the RSK blockchain, there are still several missing elements needed to make the RSK ecosystem conducive for markets such as digital arts, gaming, collectibles and various other potential applications.
Nifty Labs intends to develop various capabilities through the RIF marketplace enabling the RSK ecosystem to compete effectively with the other leading NFT protocols and platforms.
Under the terms of the MoU, technical development will be led by Indorse CEO Gaurang Torvekar. Gaurang has a Masters in Information Systems from Singapore Management University and has conducted courses on Ethereum hands-on coding and has also worked on a book on Building Ethereum Dapps.
In 2015 Gaurang co-founded Singapore-based Attores, one of the world’s first Smart Contracts as a Service platforms, where he acted as CTO.
Gaurang is the co-founder and CEO of Indorse, a blockchain powered skills validation platform. Indorse has received investments from Coinsilium Group and the venture arm of the Times of India Group.
Coinsilium is a focused Blockchain and Open Finance venture builder. 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.