Blockchain startups investor Coinsilium is adding to its portfolio of investments by bringing in a total investment of $100,000 in smart-contracts-innovator Rootstock during the latter’s initial seed round.
Coinsilium, a London-based blockchain technology investor known for supporting blockchain-based startups during their early stages has announced its latest investment in a regulatory announcement today for investors. As recently as Christmas Eve 2015, the company started trading on the ISDX Growth Market in London.
The British firm has invested and facilitated co-investment for a total of $100,000 or 28.6% of Rootstock’s initial seed round. The investment represents approximately 2% of Rootstock, with the company valued at $5 million.
Coinsilium’s executive chairman Cameron Parry said:
We are delighted to announce that Coinsilium has acquired an early strategic stake in Rootstock and we’re excited at the prospect that the Rootstock platform can potentially deliver the strength and security of Bitcoin with the smart contract capability of Ethereum.
Rootstock is a P2P smart-contract platform developed as a sidechain to the Bitcoinblockchain. The platform is seen as a coming together of Ethereum-based smart contracts technology and the transparent settlement system of Bitcoin’s blockchain.
Sergio Demián Lerner, co-founder and chief scientist at Rootstock welcomed Coinsilium as an investor and stated:
We have designed Rootstock to add value to the Bitcoin network by providing smart contracts capabilities through a merge-mined sidechain, thereby enabling sophisticated transactions as secure as the Bitcoin network.
Lerner is one of Bitcoin’s early evangelists and was appointed as a core security auditor by the Bitcoin Foundation in late 2014. At the time, he was working as a security consultant at Coinspect, a bitcoin startup and has previously identified a number of vulnerabilities in Bitcoin’s core code prior to the appointment at the Foundation.
In a nod to existing miners of the cryptocurrency, Lerner added:
Rootstock also provides Bitcoin miners and mining pools the opportunity to participate in the smart contracts revolution and an additional revenue stream via merge-mining.
The announcement also noted a tweet by cryptocurrency pioneer Nick Szabo.
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