Coinsilium Group Limited plans to launch a non-fungible token (NFT) technology development studio in Gibraltar.
The open finance venture builder has entered into a Memorandum of Understanding (MoU) with Indorse Pte. Ltd. A Singaporean company in which Coinsilium holds a 10% equity interest.
The partnership will be conducted through TerraStream to create an entity that has been dubbed “Nifty Labs.”
As a result, Nifty Labs will develop smart contract systems for NFT applications. Furthermore, a bridge for NFTs on Bitcoin using Rootstock (RSK) blockchain technology.
Nifty Labs additionally will develop various capabilities through the RIF marketplace. Enabling the RSK ecosystem to compete effectively with other leading NFT protocols and platforms.
Said Coinsilium CEO Eddy Travia: “On behalf of the board I am most pleased to be able to announce. The execution of this MoU with Indorse.
“This development marks a significant step forward for Coinsilium. In the advancement of its newly adopted Blockchain venture builder strategy.
“With increasing attention and fast-growing investor interest in NFTs. The timing of this new proposed partnership with Indorse. Could not be better for Coinsilium’s ambitions within the fast-growing NFT space.
“The proposed partnership will also bring Indorse’s technical skills to the fore. As demand for the development of NFT solutions continues to grow at an exponential rate.
“We will be working at an accelerated pace towards finalising a partnership agreement. And further details regarding terms, structure and developments in target markets will be provided to the market. In a timely manner over the coming weeks and months.”
MoU marks Coinsilium’s second NFT venture
The MoU with Indorse marks Coinsilium’s second NFT venture initiative. Previously, the company partnered with The Gibraltar Philatelic Bureau Ltd. For the creation of a limited edition Cryptocurrency Postage Stamp.
The “Crypto Postage Stamp” will be released later this year. In fact, it is tied to the release of a blockchain based Digital Collectible that will be exclusively produced by Coinsilium.