Coinsilium Group Limited (LON:COIN) said its joint venture, IOV Asia has signed a memorandum of understanding (MoU) with Vietnamese firm RedFOX Labs to build a fast scaling internet business on and for the RSK blockchain in Southeast Asia.
The blockchain, crypto and decentralised finance venture firm said the MoU is expected to lead to formal commercial and technical agreements whereby RedFOX will migrate its applications to the RSK blockchain and become a hub for RSK blockchain technology expertise in Vietnam under the IOV Asia umbrella.
Coinsilium added that the deal will also enable IOV Asia to showcase the attributes and benefits of RSK technology to potential clients in the region.
Under the terms of the deal, IOV Asia will assist RedFOX with technical integration, technical training and joint marketing efforts.
"We are excited to be able to announce our first agreement under the banner of IOV Asia, and a new partner in Southeast Asia. RedFOX brings its know-how and expertise in hyper-growth digital applications with a team led by Ben Fairbank, a former C-Level executive for global brands such as Virgin, Ooredoo and Grab. Ben has significant experience in building and growing businesses in fast-growing markets. Through IOV Asia, we look forward to working with the whole RedFOX team and we are confident this agreement is the first step of a win-win relationship between RedFOX, IOV and Coinsilium which will provide us with an effective springboard into the Vietnamese market”, said Coinsilium chief executive Eddy Travia in a statement.
“Vietnam is one of the fastest-growing markets in e-commerce among Southeast Asian nations with a 49% compounded annual growth rate in e-commerce gross merchandise value between 2015 and 2019, increasing from US$0.4bn in 2015 to US$23bn in 2019. We also see this partnership as a perfect fit for Coinsilium's new DeFi and Crypto Finance strategy as RedFOX has the skills and network to deploy RSK-powered Open Finance solutions in the region, which has the potential to accelerate the commercial development of IOV Asia", he added.