Partnerships, KOGs NFT launch, MoU with RSK, and DeFi Announcement

Ho Chi Minh, Vietnam: 27 August 2020 — It has been a productive few months for the team at RedFOX Labs HQ in Vietnam and for our far-reaching team abroad. COVID, although disruptive, hasn’t stopped us from working toward our goals. Today we will update you on our progress and outline what is next for the RedFOX Labs team.

For those of you who are new to RedFOX Labs, here is a brief summary of what we do:

RedFOX is a blockchain venture builder based in Vietnam, that identifies and replicates successful pure-play business models with a focus on the Southeast Asian markets. RedFOX works to build, launch, and scale high growth ventures in Southeast Asia. Its focus is to unlock the true market potential of the digital economy for high consumer demand services such as e-commerce, e-media, e-travel, and e-sports/gaming.

The 18th of August was a big day in the history of RedFOX Labs

MoU with IOV Labs

On August 18, 2020, IOV Labs Asia announced an MoU with RedFOX Labs as seen here. The MoU with RedFOX is the first commercial and technical agreement with IOV Labs Asia. We are happy to announce that we have both established a Joint Stock company in Vietnam and will work with a publicly listed company under the terms of the agreement.

Further Information

Under the terms of the MoU, IOV Labs will assist RedFOX with technical integration, technical training, and joint marketing efforts in the region. In addition to making its applications compatible with RSK technology and launching applications on the RSK blockchain, RedFOX will become a hub to educate, promote and commercialise RSK and RSK Infrastructure Framework (RIF) solutions in Vietnam.

RedFOX Labs will now focus on deploying RSK-open finance solutions in the region and launch its DeFi arm (more on this below), beginning with the roll out of its streaming and cashback application in the coming months.

Ben Fairbank, CEO and Co-founder of RedFOX Labs commented:

“A large part of what we do at RedFOX Labs focuses on digital inclusion. With access to the RSK-powered open finance solutions available to us, we can now accelerate our push into DeFi and offer the under-served population in Southeast Asia different options that are otherwise available to them. Working with IOV Labs Asia means we will see rapid growth in our ventures and the ability to plug-in solutions to our existing and future projects. It’s a significant step forward and Eddy Travia and his team are very much aligned with our visions for the future.
The next few months will mean RedFOX Labs will undergo significant changes, for the positive, as we launch new contracts on the RSK chain. We will be updating people on a regular basis and providing a new road-map and detailed roll-out plan in the coming weeks.”

Coinsilium Chief Executive Eddy Travia commented:

“We are excited to enter into our first agreement between the JVC 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 who has significant experience in building companies in fast-growing markets and formerly a C-Level executive for global brands such as Virgin, Ooredoo and Grab. 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. 
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 $0.4Bn in 2015 to $23Bn in 2019 (1). 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.”

IOV Labs Chief Executive Diego Gutierrez Zaldivar commented:

“Southeast Asia is one of the regions in the world where we expect blockchain technologies to make a significant, positive impact. We are very excited about the partnership with RedFOX Labs as it will enable us to boost the RSK Blockchain and RSK Infrastructure Framework (RIF) ecosystem in the region, accelerating adoption of the technology in Vietnam, a key market within this region.”

Also on the 18th, RedFOX Labs subsidiary RFOX Games launched KOGs on WAX:

KOGs 1st Edition ‘Space Military’ enlistee: Archaeologist

The NFT sale conducted using WAX Atomic Assets and held on Atomichub.io saw $160K USD (in WAX) bought in 3 hours. The final result means there will be approximately 200K KOGs from the 1st Edition ever in existence.

The NFT release comes ahead of our maiden game release, and has since seen trading volumes surpass 2M WAX.

Ben Fairbank, CEO and Co-founder of RedFOX Labs commented: 

“We are thrilled with the response to the sale of the NFTs and the way the product looks. The time, planning and dedication of the team has been rewarded in the community’s response to the product. I must say this community has surpassed my expectations in both their enthusiasm for the product and also their willingness to be involved on a deeper level. This is just the beginning for us and once the games are released I think it will prove we have something very special on our hands.”
DeFi

The new MoU means we will now have access to and be able to build with the existing and future open-source finance applications available to the RSK network. We will also look to build and deploy our own solutions as we head into one of our long planned venture launches which is modeled on and set to provide an alternative to Ping-An for the Southeast Asian markets.

For those of you who have followed us for some time, you would have heard us speak of this a number of times. The company to be formed, will focus on Insurance, Finance and alternatives to the current banking systems.

The aim of this business is to provide services that are desperately needed in the region on aggregation of information, application to the offered services as well as DeFi solutions.

Ben Fairbank, CEO and Co-founder of RedFOX Labs commented: 

“We will see and make use of DeFi solutions in a number of businesses we build, starting with our soon to be launched Cashback and streaming app. We really focus on being a technology-powered business with a heavy emphasis on disrupting legacy models through the introduction of AI, Blockchain and Cloud computing. Our first foray into DeFi will come quite soon through the cashback and streaming app, to be initially launched in Vietnam and then will really be the centrepiece of our financial services company. 

Digital inclusion is a problem that we can provide solutions for and we are simply providing what is needed for the region. The models we use and companies we build allow for interoperability and provide crossover products and services to the entire ecosystem. This really lends itself to the formation of a super dApp which has always been our intention. We differ only in the sense that each company we build is designed to be modular and therefore can act as completely decentralised and independent.”

The introduction of such products and services across technologies and platforms is extremely exciting for RedFOX Labs and helps to substantiate the company as a key venture builder in the region.

Company Structure

RedFOX Labs as stated, has finalised the establishment of a Joint Stock company in Vietnam and is currently in the process of establishing and acquiring business registration for the upcoming ventures through Singapore. This will allow for the ventures to have a base and representation in the regions’ business capital and enable us to complete our upcoming partnerships. These partnerships will be announced once the registrations are finalised in the coming weeks.

Future forward it is imperative for regulatory and licensing requirements that we have a presence in Singapore.

RFOX Games

RFOX Games the subsidiary responsible for the launch of KOGs will have an upcoming official launch and full brand release ahead of its maiden game. The company will be headquartered in Singapore and be responsible for all future game releases, the development of the full gaming platform, NFT production and distribution and will utilise the RFOX coin as its main platform currency. The utility for the RFOX coin across projects and platforms is starting to really take shape and as we head toward other releases, the utility will only grow.

About RedFOX Labs

RedFOX is a blockchain venture builder based in Vietnam, that identifies and replicates successful pure play business models for the Southeast Asian markets. RedFOX works to build, launch and scale high growth ventures in Southeast Asia. Its focus is to unlock the true market potential of the digital economy for high consumer demand services such as e-commerce, e-media, e-travel and e-sports/gaming. RedFOX builds companies that promote Access, Adoption, and Application for the Internet Economy. The RedFOX team innovates with emerging technologies, differentiates with superior Customer Experience and Value, and maintains a relentless focus on Digital Inclusion.

For further information please visit: https://redfoxlabs.io/

About Coinsilium

Coinsilium is a focused Blockchain, DeFi and Crypto Finance venture operator. As the first ever IPO of a blockchain company in 2015, Coinsilium has harnessed its experience and wide-ranging network to invest in leading blockchain projects such as RSK/IOV Labs, Indorse and Blox.

In July 2020 Coinsilium executed an agreement with global blockchain protocol company IOV Labs, to establish a 50/50 Joint Venture Company in Singapore to promote and commercialise RSK’s products, services and technologies in the Asian markets and to promote the adoption in the region of the RIF token which powers the ecosystem of solutions developed by RSK, their partners and developers around the world.

Coinsilium shares are traded on the AQSE Growth Market, the primary market for unlisted securities operated by Aquis Stock Exchange, a Recognised Investment Exchange under the Financial Services and Markets Act 2000.

For further information please visit www.coinsilium.com or follow @CoinsiliumGroup on Twitter

About IOV Labs

IOV is focused on developing the platforms needed for a new blockchain-based financial system that will enable worldwide financial inclusion and bridge the gap between these nascent technologies and mass adoption.

The organization is currently developing various implementations of the RSK Smart Contract Network, RIF and Taringa’s platforms. The RSK Network is the most secure Smart Contract platform in the world, as it relies on Bitcoin’s hash power. RIF is a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment to enable mass adoption of Bitcoin and RSK and Taringa! — Latin America’s largest Spanish speaking social network with 30 million users and 1,000 active online communities — through the integration with Bitcoin, RSK and RIF will help shape the Internet of the Future, which intends to confer on individuals full control of their information and value.

For further information please visit: www.iovlabs.org, www.rsk.co, www.rifos.org