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Coinsilium Group Limited, the blockchain technology investment and development company, has announced that it has acquired the last available equity in the original seed capital round of financial inclusion blockchain technology company, Fuzo Limited (“Fuzo”), formerly known as bitSIM Holdings Ltd.
Fuzo has developed, through a combination of blockchain technology and proprietary hardware, a SIM card (overlay) technology solution to provide financial inclusion as a service to the world’s population of which some 2.5 billion adults are classed as “unbanked” or “underbanked”. Fuzo enables any person with a mobile phone to be able to store and transact blockchain-recorded assets, including bitcoin and other digital or blockchain currencies, in a safe and secure digital environment. There are over 7 billion SIMs in circulation globally and the technology works with both smart phones and feature phones and is agnostic to the telco provider. Fuzo was recently named in the Magister Advisors report released in December 2015: Blockchain & Bitcoin in 2016, A Survey of Global Leaders.
Coinsilium has subscribed for 11,600 additional shares at US$2.50 per share for a consideration of US$29,000. This takes Coinsilium’s total investment in Fuzo to over US$300,000 via its wholly owned subsidiary Seedcoin Limited (and Seedco Ventures Ltd, whose assets were acquired by Seedcoin Limited in Q1 2015) in US dollars and US dollars equivalent paid in bitcoin, giving a total shareholding of 161,600 shares representing 13.6% of Fuzo. At the price paid by the Company, Fuzo has an aggregate post-money value of approximately US$3 million.
Cameron Parry, Coinsilium’s Executive Chairman, commented: “We are delighted to announce that Coinsilium has acquired the remaining shares in Fuzo’s seed equity offering, taking our total investment to over US$300,000 and increasing Coinsilium’s equity holding in Fuzo to 13.6%.
Having seen the Fuzo technology and team develop and refine since commencing with our initial investment in 2014, and knowing Fuzo’s founder and CTO Leon-Gerard Vandenberg was a co-creator of US NavyCash (onboard cashless system for US Navy personnel when on vessels at sea), we are confident and excited by the opportunities in front of Fuzo and its targeted pilot rollout in mid-2016.”
Leon-Gerard Vandenberg, Fuzo’s CTO and founder, commented: “We solve three things with the Fuzo hardware: (1) – seamless mobile identity; (2) – secure blockchains (digital assets); and (3) secure digital wallets for bitcoin and other cryptocurrencies, and blockchain assets. Fuzo’s platform can potentially disrupt the US$1 trillion remittance market. It can also provide ecommerce and online financial services via mobile to the world’s 2.5 billion unbanked and underbanked adult population – a need currently not being met.”
For further information please visit http://www.coinsilium.com/
