Coinsilium Group Limited: Coinsilium signs SAFT to acquire Yellow Network Native Tokens
Coinsilium Group Limited (COIN)
COINSILIUM GROUP LIMITED ("Coinsilium" or the "Company") Coinsilium Group Limited: Coinsilium signs SAFT to acquire Yellow Network Native Tokens London UK, 21 April 2022 - Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Blockchain and Open Finance venture builder, is pleased to announce that it has entered into a Simple Agreement for Future Tokens ("SAFT") with Layer3 FinTech Ltd to purchase USD200,000 of YELLOW tokens, the native token of Yellow Network. Yellow Network is a cross chain overlay, Financial Information Exchange and distributed liquidity infrastructure network project allowing for direct P2P trading between blockchains and cryptocurrency exchanges, aiming to interconnect the fragmented liquidity of the vast blockchain industry. Highlights:
Eddy Travia, CEO of Coinsilium, commented: "Cryptocurrency exchange services are some of the most profitable activities in the blockchain space. By way of example, Binance is the largest cryptocurrency exchange globally processing around USD76 billion worth of crypto trades daily with an estimated valuation of around USD300 billion, whilst Coinbase's market debut in April 2021 valued its business at USD86 billion. However, irrespective of these impressive numbers, the global market for crypto trading is still very much in its infancy and has yet to leverage the full power of the blockchain as a distributed ledger technology.
Yellow Network is a highly ambitious venture headed up by a very capable and impressive team of experienced trading software and blockchain industry veterans which aims to transform the current cryptocurrency exchange trading landscape through the creation of a peer-to-peer clearing house, deploying a Financial Information Exchange and global distributed liquidity network for cryptocurrency exchanges and trading firms.
We are therefore very excited to support this early funding round of the Yellow Network and we look forward to updating the market on further developments on this exciting project."
Louis Bellet, CEO of Yellow, commented: "Yellow Network is designed to become a game-changer for the crypto industry and having the support of Coinsilium will allow us to significantly advance our research and development in the Web3 Internet of Finance. The partnership will further influence the blockchain community by connecting exchanges and market makers, through a clearing house layer. We are seeking to address the complex challenges of cross-chain transactions and help simplify users' trading needs through a next-gen financial platform."
Terms of SAFT
Under the terms of the SAFT, Coinsilium will receive USD200,000 in value of YELLOW tokens in this early funding round, vesting over a period of time. At this stage the Company cannot disclose specific details regarding price or number of Tokens to be received. Further details will be provided by way of an update to the market in due course, when the Company is in a position to do so.
Background to Yellow Network
In December 2021, Yellow, Inc. ("Yellow") and Openware, Inc. ("Openware'') announced that they had finalised a merger, to construct a financial information exchange network, which will be focused on developing a broker clearing network for cryptocurrency exchanges, brokers and trading institutions, that will be scaled to "billions" of transactions at ultra-high-speed. The combined umbrella brand, Yellow, operator of the Yellow Network, has over 120 employees worldwide and multiple offices and co-working spaces in the United States, France, Thailand and the UK.
Openware's expertise comes from ten years of servicing European retail banks, shifting their focus entirely to the blockchain industry with the release of an open-source modular platform OpenDAXTM for building digital asset trading systems. Since the commencement of their crypto trading services in 2017, Openware has shipped over 150 trading platforms to their clients, which include some of the largest crypto exchanges globally.
Yellow has an established reputation as a leading cryptocurrency market-maker providing startup seed funding, mentorship, advisory, data analytics and as a FinTech software solutions provider.
The Yellow Network will connect multiple cryptocurrency exchanges to share orders, and liquidity providers will receive a share of the trading fees. The layer-3 application layer on top of any existing blockchain will unlock order books and high-frequency trading for network participants with the help of state channels technology. Yellow Network plans to establish connection points in most major blockchain protocols enabling cross-chain collateral and settlements.
Yellow Network partners include GSR, Gate.io, LD Capital, Master Ventures, Moonrock Capital, Yellow Spoon Capital, NOIA, amongst others. Further partnerships are expected to be announced in the coming weeks, details of which will be released via the Yellow Network blog.
YELLOW is a native token of the Yellow Network. Brokers inside the network will be the main users of the token. YELLOW token has the following utilities:
The Directors of Coinsilium Group Limited take responsibility for this announcement.
Notes to Editor
About Coinsilium
Coinsilium is a focused Blockchain and Open Finance venture operator based in Gibraltar, a pre-eminent global regulatory jurisdiction and a leading hub for innovative financial technology. In 2015, Coinsilium became the first blockchain company to IPO. The Company has evolved to develop revenue-generating strategic advisory services and is a highly regarded innovator with proven technological and commercial expertise and development capabilities in the NFT arena and also within Open Finance.
Coinsilium has developed an array of commercial partnerships and joint ventures around the world to support its development capabilities, giving it access to best-in-class tech experts, a strong network, and asserting its profound industry profile. It has a 50:50 venture with IOV Labs in Singapore, enabling the promotion and commercialisation of RSK's products, services and technologies in global markets; and has partnered with blockchain technology experts Indorse to create Nifty Labs, a Non-Fungible Token ('NFT') technology development studio in Gibraltar.
Coinsilium shares are traded on the APEX segment of the AQSE Growth Market in London, under the ticker symbol "COIN", and on the OTCQB Venture Market in the United States under the ticker symbol "CINGF".
About Openware
Openware, Inc. is a San Francisco blockchain product company which has recently joined the Yellow company group, providing innovative product solutions known for building and supporting over 150 crypto exchange platforms with the open-source digital asset exchange platform OpenDAXTM. For more information you may visit: https://www.openware.com/
About Yellow Network
Yellow is a global ecosystem of blockchain products & services for Web3 Internet of Finance, providing startup seed funding, mentorship, advisory, data analytics, market making, and fintech software solutions.
Yellow also provides developer tools, services, and education programs for blockchain infrastructure developers and crypto brokerage businesses worldwide.
For more information you may visit: https://www.yellow.org/
Press Contact: [email protected]
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ISIN: | VGG225641015 |
Category Code: | MSCM |
TIDM: | COIN |
Sequence No.: | 156588 |
EQS News ID: | 1331393 |
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