Blockchain venture builder Coinsilium Group saw shares rise over 12 percent on Monday, after the group announced the acquisition of a further 3.5 percent of the share capital of Indorse Pte.

The company bought Indorse, an “ethereum-based decentralised network for professionals” through its wholly-owned subsidiary Seedcoin for an agreed price of 175,000 Singapore Dollars, approximately £97,000.

 

Coinsilium Chairman Malcolm Palle will become a Board Director of Indorse, as Seedcoin’s representative. Indorse Co-founder Gaurang Torvekar become Seedcoin’s CEO and the company’s Co-founder David Moskowitz will move to the position of Director.

Malcolm Palle said: “Indorse’s successful public beta launch with more than 2,600 sign ups on the platform since the July ‘proof-of-concept’ launch, has confirmed our trust in the capabilities of their development team led by Gaurang Torvekar.

“Indorse is proving to be a perfect match for our strategy of building value for our shareholders through identifying compelling early stage investment propositions lead by highly talented teams. I look forward to joining the Board of Indorse and to working closely with the team at this exciting stage in their journey.”

Coinsilium shares are currently trading up 12.45 percent at 0.28 USD.