Cosmochain attracted investment from BlockWater Capital
30–50M COSM will be purchased in the market
Cosmochain, a blockchain-based beauty SNS platform project, announced that it attracted the strategic investment from BlockWater Capital, a global crypto fund on November 1st.
BlockWater Capital is a leading digital asset investment firm that focuses on bringing blockchain enabled projects to the real world application. It is well-known as an initial investor of EOS. BlockWater Capital also invested in BEZANT, which collaborates with IBM Korea to develop the blockchain platform using the hyperledger fabric framework, and Fantom, the third-generation blockchain platform that solves the scalability issues of existing public distributed ledger technologies to maintain consensus.
BlockWater Captial’s investment in Cosmochain is an additional investment executed after the end of ICO. The investment is made in a way that BlockWater Capital purchases COSM circulating in the secondary market. Cosmochain explains that this method will have a similar effect of a buyback.
Huisoo Ahn, the COO of Cosmochain, said, “BlockWater Capital’s investment through a market purchase of COSM was possible based on strong trust between two companies regardless of the bearish market condition.”
There are several more institutional investors which confirmed additional investments in Cosmochain in the same way as BlockWater Capital does in the market. The total amount of a market purchase will be about 30–50M COSM(equivalent to $480–800K).
Francisco Jo, co-founder of CoinHills, a website providing real-time prices and indexes of digital currencies, and founding partner of BlockWater Capital, explained the reason for the investment as follows; “Unlike other projects, given that Cosmochain has shown tangible results in terms of constructing a real business revenue model and captivating users, BlockWater Capital decided to invest in Cosmochain. Moreover, appreciating that Cosmochain launched an actual DApp service, we decided an unusual investment method through the secondary market.
— by Yeonji Kim (Seoul Economic Daily, email@example.com)
Original Article: http://decenter.sedaily.com/NewsView/1S70RF1GL0
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