IOV Labs Invests $325,000 to Push Bitcoin Smart Contract Platform RSK in Asia

UTC by Julia Sakovich · 3 min read
IOV Labs Invests $325,000 to Push Bitcoin Smart Contract Platform RSK in Asia
Photo: Pixabay

IOV Labs has invested $325,000 in Coinsilium. A part of this amount is expected to be allocated to pursuing joint initiatives such as the promotion of RSK and the RIF OS modular blockchain.

IOV Labs, the company powering Bitcoin smart contract platform RSK, has sealed a major partnership with blockchain venture builder Coinsilium. The entities have formed a joint venture company in Singapore with the goal of promoting RSK and the RIF OS modular blockchain. The Asia Pacific is a hotbed for blockchain innovation and the new IOV Labs company is seeking to capitalize on the region’s demand for distributed ledger and cryptographic systems. IOV Labs has invested $325,000 in Coinsilium, part of which will be allocated to pursuing joint initiatives.

The chief objective of the joint venture company will be to accelerate the adoption of RSK products throughout Asia. RSK’s smart contracts, anchored to the Proof of Work security of the Bitcoin network, enable developers to deploy the sort of decentralized applications that are synonymous with Ethereum. The IOV Labs Coinsilium partnership will focus on fueling development of the RIF marketplace, whose modules include payments and decentralized storage, enabling a suite of defi applications such as escrow, stablecoins, DEXs, derivatives, and lending.

“The rapidly-evolving blockchain ecosystem in Asia is an important strategic market for RSK, and comprises some of the most dynamic and fast-growing blockchain hubs in the world,” said Coinsilium CEO Eddy Travia. Diego Gutierrez Zaldivar, CEO of IOV Labs, added: “Asia has always been a key market for us, as the immense innovation in the region will be integral to realizing blockchain’s full potential. We are very excited about our strategic partnership with Coinsilium as it will help set an important footprint in the region, allowing us to forge new relationships with key partners and solidify the long term success and development of RIF Labs and the RSK blockchain.”

Asia’s Embrace of Blockchain Strengthens

Asia has embraced blockchain technology warmly, with a slew of pilot programs and initiatives being rolled out by enterprises and government agencies. Highly tech-savvy countries such as South Korea and Japan have been instrumental in driving this trend. Singapore, for its part, has become the preferred headquarters for crypto companies setting up shop in Asia on account of its friendly regulatory climate. China, meanwhile, is pressing ahead with its own national blockchain program including a digital yuan which is believed to be mere months away from launching.

Thailand’s government recently approved an e-visa scheme involving blockchain technology to fast-track visitors arriving from China and India. A new airport in northern Philippines has been proposed as the base for a new ‘Crypto Valley of Asia’ to serve as a secure environment for cryptocurrency trading and blockchain development. Other examples of blockchain adoption across the Asia Pacific include a food safety scheme in China and an Australian program to track beef exports to China.

RSK is positioned as an enterprise-grade blockchain stack that can be used to develop everything from derivatives marketplaces to noncustodial wallet applications and merchant solutions. The smart contract platform has endeavored to emphasize its defi-friendliness, and the superior security model it boasts through being anchored to the Bitcoin blockchain. In July 2019, IOV Labs established the RSK Adoption Hub in Singapore and went on to partner with Japanese blockchain accelerator and adoption hub BinaryStar and Singapore blockchain accelerator Tribe. The new venture with Coinsilium, aided by $325,000 of investment, will enable IOV Labs to reinforce these efforts and demonstrate the versatility of the RSK and RIF OS blockchain solutions.

Blockchain News, News
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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