Singapore-based startup, Indorse, has completed its token pre-sale with proceeds reaching 18,396.21 ETH (over $5 million) The token sale is now open to the public and will remain so until 7 September 2017, reports Finance Magnates.
“The successful token pre-sale provides a tremendous vote of confidence for Indorse and confirms our belief in the team’s ambitious vision for building a global blockchain-powered decentralised platform for professionals,” said Eddy Travia, CEO of Coinsilium, who is backing the venture.
“We are confident that the significant level of the proceeds from the pre-sale and the ongoing public token sale will provide the financial resources for the team to accelerate its path towards achieving its objectives,” concluded Travia.
Coinsilium announced that it has entered into an Option Agreement to subscribe to 7% of the fully diluted share capital of Indorse for a total of SGD350,000. The agreement is valid for a 3 month term and if fully exercised, Coinsilium would have the right to appoint an individual to the board of Indorse.
Separately, on 8 June 2017, Coinsilium made an investment of SGD100,000 (about £56,100) in Indorse through a convertible loan agreement and received an undisclosed number of Indorse digital tokens. If Coinsilium chooses to fully convert these, its equity position in Indorse would be around 10%.
Indorse is a platform using new models of tokenization and decentralization to change the shape of professional social networking. Indorse can be likened to a decentralised LinkedIn and Instagram, wherein every “claim” in your profile will be validated by the peers. Users have a chance of earning through this process. The platform will share most of the revenue with users.