Coinsilium Group Limited - Investee Company Update PR Newswire

24 May 2017

COINSILIUM GROUP LIMITED
(“Coinsilium” or the “Company”)

INVESTEE COMPANY UPDATE

RSK LABS RAISES US$3.5M AND LAUNCHES

 ‘GINGER’ THE LATEST VERSION OF ITS SMART CONTRACT PLATFORM

 AT ‘CONSENSUS 2017’

Coinsilium Group Limited (NEX: COIN), the accelerator that finances and manages the development of early-stage blockchain technology companies, is pleased to announce that its investee company, RSK Labs (‘RSK’), a blockchain technology company, has raised US$3.5m in a pre-series A round from a consortium of well-known blockchain companies.   Coinsilium has the rights to an equity stake of circa 1% through a convertible instrument in RSK.

RSK has developed a Smart Contract platform which runs as a ‘sidechain’ to the Bitcoin network, interoperable via a two-way peg, and adds value and scalability to the core Bitcoin network by enabling Smart Contracts and the capacity to process a high number of transactions, two major improvements when compared with the Bitcoin network. A Smart Contract is a computer programme executed in a blockchain.

Highlights of RSK’s Smart Contract Platform

    --  At present, RSK’s platform can process 100 transactions per second but
        it has the potential to:

            --  rReach 2,000 transactions per second when using the Lumino
                Transaction Compression Protocol developed by RSK Chief
                Scientist Sergio Demian Lerner

            --  With the potential to increase capacity to over 20,000
                transactions per second over the off-chain Lumino Network.


The Lumino Transaction Compression Protocol, as described in Sergio Demian Lerner’s white paper dated 24 February 2017, allows a higher volume of on-chain transactions than traditional blockchains for the same blockchain space consumed.

Eddy Travia, CEO of Coinsilium commented:

“We are very proud to see RSK reaching this key milestone. As one of the first investors and supporters of RSK we are excited to see the timely innovations RSK brings to the Bitcoin community and look forward to the multitude of applications in areas such as financial inclusion and the ‘Internet of Things’ enabled by RSK’s rich logic smart contracts secured by the Bitcoin network.”

The RSK team announced the successful fundraising and the launch of ‘Ginger’, the latest version of its Smart Contract platform on the first day of ‘Consensus’, an iconic annual industry event in New York, opening its code to the public.

Gabriel Kurman, co-founder of RSK, commented: ­­

"This is both a major achievement for the RSK team and also the first step towards the development of complex business logic applications on the RSK platform. A number of banks, large corporations and startups worldwide are currently testing Ginger, but very soon, we expect that hundreds of companies and business partners will start experimenting with a wide variety of use cases on our platform and will start to grasp RSK’s potential.”

The Directors of Coinsilium Group Limited take responsibility for this announcement.

For further information, please contact:

Eddy Travia, CEO                                                                                +44 (0) 207 099 0740
Coinsilium Group Limited

www.coinsilium.com


Malcolm Palle, Non-executive Director                                             +44 (0) 7785 381089
Coinsilium Group Limited

Harry Chathli / Ana Ribeiro / Alexis Gore                                           +44 (0) 207 618 9100

Luther Pendragon Ltd

(Media Relations)


Guy Miller / Mark Anwyl                                                                     +44 (0) 207 469 0930 
Peterhouse Corporate Finance Limited 
(NEX Exchange Corporate Adviser)

Nick Emerson / Andy Thacker                                                            +44 (0) 1483 413 500
SI Capital Limited
(Broker)
 

Notes to Editor

Coinsilium is an accelerator that finances and manages the development of early-stage blockchain technology companies. It does this through its consortium of top-tier investors, industry thought leaders and executive managers.  Based in London, Coinsilium’s focus is on driving innovation in fintech and blockchain technologies, enabling businesses to take advantage of growth opportunities. 

Coinsilium shares are traded on NEX Exchange Growth Market, the primary market for unlisted securities operated by NEX Exchange, a Recognised Investment Exchange under the Financial Services and Markets Act 2000.

For further information, please visit http://www.coinsilium.com