Following and expanding on July’s strategic agreement, today, IOV Labs and blockchain venture builder and advisor Coinsilium announced the formation of a Joint Venture company in Singapore to promote IOV’s RSK and RIF OS blockchain solutions in Asia Pacific enterprise markets.
Key objectives for the JV Company are to:
Accelerate the adoption of RSK’s products, services and technologies in the Asian markets and the RIF token which powers the ecosystem of solutions developed by RSK, their partners and independent developers around the world.
IOV Labs recently announced the integration of its decentralized Storage and Payment solution into decentralized logistics platform dexFreight. In addition, it has partnered with, Bitcoin stablecoin protocol Money on Chain to develop a ‘RIF Dollar’ allowing RIF token holders to make use of DeFi (Decentralized Finance) services developed for Bitcoin.
Back in July 2019, IOV Labs joined forces with Coinsilium and StartupToken in July 2019 to establish the RSK Adoption Hub in Singapore Since then, IOV has advanced in the region, including forming alliances with Japan’s largest blockchain accelerator and adoption hub BinaryStar, and Singapore’s government-backed blockchain accelerator Tribe.
IOV Labs + Coinsilium
Eddy Travia, Coinsilium’s CEO, has signed on as Director of the Joint Venture company, and will act as Regional Director for Asia-Pacific for IOV Labs while retaining his duties as CEO for Coinsilium.
“We are very pleased to be able to announce this Strategic Investment Agreement and MoU today, which represents a clear demonstration of confidence in Coinsilium’s development strategy, whilst significantly strengthening the ties between Coinsilium and IOV Labs. The rapidly-evolving blockchain ecosystem in Asia is an important strategic market for RSK, and comprises some of the most dynamic and fast-growing blockchain hubs in the world. We look forward to updating the market in the near term as we work towards finalising the definitive JV agreement which will enable us to further our collaboration with the IOV Labs and RSK’s teams. The Board continues to focus on delivering long term value to Coinsilium shareholders through continued revenue generation and growth.”
– Eddy Travia, CEO of Coinsilium
IOV has invested approximately GBP 250,000 (USD 326,000) into Coinsilium, part of which will be dedicated to joint initiatives.
“This is an extremely exciting time for the IOV Labs team. Asia has always been a key market for us, as the immense innovation in the region will be integral to realizing blockchain’s full potential. We are very excited about our strategic partnership with Coinsilium as it will help set an important footprint in the region, allowing us to forge new relationships with key partners and solidify the long term success and development of RIF Labs and the RSK blockchain.”
– Diego Gutierrez Zaldivar, Chief Executive Officer of IOV Labs