14 January 2016
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Invests in Rootstock
Coinsilium Group Limited, the blockchain technology investment and development
company, is pleased to announce that it has invested, and facilitated
co-investment, for a total of USD$100,000 in RSK Labs Ltd ("RSK"), being 28.6%
of the initial seed round and representing approximately 2% of RSK.
RKS operates Rootstock, a smart-contract platform built as a sidechain of the
Bitcoin blockchain (a sidechain is separate from the main blockchain but
interoperable with a two-way peg) that adds value and functionality to the core
Bitcoin network by enabling smart contracts (transactions that can be
programmed to complete autonomously as and when pre-set conditions are met).
The Rootstock team features Sergio Demián Lerner, a prominent member of the
Bitcoin technical community, with vast experience in cryptocurrencies who has
designed many improvements to the Bitcoin protocol, and created the first
smart-contract enabled cryptocurrency in 2013. On November 2015, RSK released
their foundational white paper "Bitcoin Powered Smart Contracts" that describes
the RKS platform, Rootstock, which is targeted to be launched around mid-2016.
On 7 October 2015, Blockchain, cryptocurrency and smart contracts pioneer, Nick
Szabo, tweeted about Rootstock: "Best of Bitcoin (currency and settlement
system) + best of Ethereum (smart contract programming environment):"
Coinsilium's wholly owned subsidiary, Seedcoin Limited ("Seedcoin"), has
invested USD$50,000 (equivalent paid in bitcoin) on behalf of itself and an
additional USD$50,000 (equivalent, paid in bitcoin) on behalf of Coinsilium's
co-investors for a convertible instrument that provides the right to shares of
RSK's equity at a pre-money valuation of not more than US$5,000,000.
Coinsilium, via Seedcoin, has therefore taken approximately 14% of RSK's total
USD$350,000 initial seed round and upon conversion to shares at a US$5,000,000
valuation, Coinsilium would hold approximately 1% of RSK.
Cameron Parry, Coinsilium's Executive Chairman, commented: "We are delighted to
announce that Coinsilium has acquired an early strategic stake in RSK and we're
excited at the prospect that the Rootstock platform can potentially deliver the
strength and security of Bitcoin with the smart contract capability of
Ethereum.
We are also pleased to be able to utilise our co-investor network to see
Coinsilium and its co-investors contribute approximately 28% of Rootstock's
initial seed funding round."
Sergio Demián Lerner, Rootstock's Chief Scientist and co-founder, commented:
"We are excited to have Coinsilium join us as an investor at this stage of the
company.
We have designed Rootstock to add value to the Bitcoin network by providing
smart contracts capabilities through a merge-mined sidechain, thereby enabling
sophisticated transactions as secure as the Bitcoin network. Rootstock also
provides Bitcoin miners and mining pools the opportunity to participate in the
smart contracts revolution and an additional revenue stream via merge-mining."
Further information about Rootstock can be found at www.rootstock.io
The Directors of Coinsilium Group Limited take responsibility for this
announcement.
For further information please visit www.coinsilium.com or contact the
following:
Cameron Parry Coinsilium Group Limited +44 (0) 207 099 0740
David Coffman / Asha Chotai Daniel Stewart & Company +44 (0) 207 776 6550
(Corporate Adviser &
Joint Broker)
Nick Emerson / Jake Nixon SI Capital Limited +44 (0) 1483 413 500
(Joint Broker)
Josh Royston / Hilary Alma PR +44 (0) 7515 805 218
Buchanan (Public Relations)
Notes to Editor
Coinsilium is a London-based blockchain technology focused investment and
development company, supporting early-stage blockchain companies through
investment, acceleration, development and education.
Coinsilium is the world's first blockchain technology focused company to be
admitted to trading on an Exchange Regulated Market and has a portfolio of
interests in blockchain companies and projects. In addition to pursuing its
investment strategy, through the experience of the Directors and management
team, Coinsilium is able to offer a suite of services including corporate/
business advisory, CPD accredited training & eduction, investment solutions,
in-house development and other professional services to blockchain/fintech
companies and major corporates wanting to learn more about blockchain
technology and its implications to the way the world transfers value over the
internet.
For further information please visit http://www.coinsilium.com/