Indorse, the decentralized social network for professionals, today announced Coinsilium is increasing its share in the company to 6.5 per cent from three per cent. The additional 3.5 per cent share was purchased for $175,000 SGD. Coinsilium has the option to buy an additional 3.5 per cent.
Based in London, Coinsilium’s focus is on driving innovation in fin-tech and blockchain technologies, thereby enabling businesses to take advantage of growth opportunities. Coinsilium finances and manages the development of early stage blockchain companies through its consortium of top tier investors, industry thought leaders, and executive managers. Established in 2014, Coinsilium has built a portfolio of interests in fast-growing companies from around the world such as Factom, RSK Labs, CoinDash, and Indorse.
“We are currently on the cusp of a data tipping point, with users becoming increasingly aware of the value their data holds, and in-turn increasingly protective of that data,” Indorse co-founder Gaurang Torkevar said. “With Indorse, we are proud to present a platform that empowers users to control their own data and offers the opportunity to earn rewards. The increased investment by Coinsilium is a stamp of approval on our project and our notable progress to date.”
Offering users full control of their own data as they build their professional profiles and share skills on the platform, Indorse aims to build a server-less, decentralized network where professionals benefit from platform growth and data insights rather than third parties. Through participation in the platform, members of Indorse are able to earn rewards for sharing more about themselves and for “indorsing” the claims of others.
“With in-depth industry experience, ambitious objectives, and strong technical expertise, Indorse reflects the Coinsilium vision of investing early in highly talented teams and inspiring projects,” Coinsilium chairman Malcolm Palle said. “I look forward to joining the board and advising the team as Indorse welcomes future milestones and developments.”
As Indorse has successfully progressed from token sale to working product, the management team has also seen a transformation. Mr. Torvekar moves from CTO to CEO, co-founder David Moskowitz assumes a directorship, and Mr. Palle becomes director of the board.
“Since our inception, we have promised to deliver a platform that is superior to existing social networks,” Mr. Moskowitz said. “Coinsilium’s increased equity stake, our recent MVP launch, and our 2,600-strong user base are not only important milestones but reflect the far-reaching potential of our project and the positive reception we have received to date.
“Both Gaurang and myself are excited to take on our new roles and continue on our journey together building a decentralized, equitable, and transparent social network. Gaurang has shown impressive team leadership skills since the inception of Indorse and throughout our initial stages of fast expansion and I look forward to continuing to shape Indorse’s strategy and vision in the future with him and the Board.”