Coinsilium Group acquires 30% equity stake in StartupToken
Coinsilium Group, the blockchain venture builder and investor that finances and manages the development of early-stage blockchain technology companies, has acquired a 30% equity stake in StartupToken Limited, a provider of of accelerator and advisory services to technology start-ups and companies looking to undertake Token Generation Events, the firm announced on Wednesday.
Under the terms of the agreement, the group said it would acquire the stake for a total of £360,905.28 through a combination of shares and cash payments.
Coinsilium also agreed to provide StartupToken with a six month convertible loan of US$100,000, with 5% annual interest, which if converted - at a valuation of circa £1.2m - would equate to a 6.40% equity stake.
Malcolm Palle, chairman of Coinsilium, commented: “This important strategic investment strengthens Coinsilium’s foothold in the fast growing digital token space. We have already established a good working relationship with StartupToken and have been greatly impressed by the speed at which they have been able to gain a strong presence in the industry. We look forward to working closely with Yacine and his team and using our combined experience to add value and fast-track the scale up of the business.”
For his part, Yacine Terai, CEO of StartupToken commented: “As founder of StartupToken, I am extremely pleased to have received this vote of confidence from Coinsilium which I consider to be one of the most respected companies within the blockchain investment space. ‘Token Sales’ are a new form of funding which is taking the blockchain world by storm and with the support of Coinsilium’s experienced team and its influence, StartupToken is now ideally positioned to become one of the leading accelerators within the global Token Economy.”