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SINGAPORE (Aug 30): Y Ventures Group says its subsidiary, Luminore 8, has entered into a blockchain advisory partnership with Coinsilium Group.
Coinsilium is the first blockchain accelerator to list on a recognised stock exchange via an initial public offering back in 2015. It is a blockchain venture builder, advisor and investor in early-stage blockchain technology companies.
This partnership came on the back of Luminore’s initial coin offering (ICO) in July of its AORA Coins of up to US$50 million ($68.3 million). The token is expected to launch in 1H19 and seek to become the world’s first blockchain-enabled global buying platform that enables consumers to purchase real-world products from any online store and marketplace using cryptocurrencies.
This partnership will see Coinsilium providing their blockchain expertise and advisory services to AORA in relation to the ICO. This includes the promotion and marketing for the tokens. Coinsilium will also be advising on the development of the AORA platform.
In addition, Eddy Travia, CEO and co-founder of Coinsilium, will be joining the board of advisors at AORA. Travia has previously advised 15 ICOs that have collectively raised more than US$500 million.
The AORA ICO started on July 31 and will end on Nov 30. Participants can purchase the tokens – priced at 20 US cents – in USD, SGD, Bitcoin and Ether. All participants are also required to go through Know-Your-Customer and anti-money laundering processes.
Cedric Choy, CEO of Luminore and co-founder of AORA, says, ““By augmenting AORA with blockchain technology, we reinvent the e-commerce buying experience for consumers through community-centric product discovery, cost-efficient payments, genuine product reviews and seamless logistics. This solidifies our vision of building AORA into a global buying concierge platform that makes cross-border shopping and product discovery fun, fast and convenient.”
As at 11.25am, shares in Y Ventures are trading 2.5 cents higher at 38 cents.