As a founder of Silota Research and Development, Inc., Victory Square Technologies Inc. (OTC: VSQTF) (CSE: VST) will, subject to all requisite regulatory approvals, obtain 12.5% of all issued and outstanding shares of the blockchain technology start-up. It will also provide a convertible note of $60,000 to mark the successful incubation of Silota and help set the stage for the launch of the Covalent Terminal, a premier data analytics suite designed to maximize transparency and accountability in cryptocurrency and token offerings.
“We are very pleased to have Silota and their remarkable blockchain technology team become a part of the Victory Square family,” said Shafin Diamond Tejani, CEO of Victory Square, which has worked with the management team of Silota to enhance their offering and put in place the requisite conditions for sustainable scaled growth.
“The Covalent Terminal is going to bring breadth and coverage of blockchain data to crypto investors, traders, and regulators akin to how information and analytics companies such as Bloomberg and Thompson Reuters bring transparency to financial markets,” added Tejani.
Silota is set to launch the first-of-its-kind Covalent Terminal, which features a wide array of modules that are tailored specifically to corporations issuing tokens and for the regulatory and compliance segments of the rapidly-growing cryptocurrency market. The founders of Silota, CEO Ganesh Swami and CTO Levi Aul have a combined expertise of 25 years building, scaling and bringing to market forward-thinking products. They previously built the first business Bitcoin exchange in Canada and co-invented the fastest algorithms for protein-simulation modeling.
“Our Silota team is thrilled that Victory Square has partnered with us to realize our vision of a decentralized future,” said Silota CEO Ganesh Swami. “Corporations with token offerings are raising tens of millions of dollars from retail investors, but unlike publicly-listed companies there are no accountability or reporting requirements. Our partnership with Victory Square and their large network will support us in becoming a major driver for the increased market efficiency that is necessary for the widespread adoption of cryptocurrencies.”
Currently, Covalent Terminal is able to understand and track 70,000 smart contracts along with 500 million contract executions across seven different blockchains like Ethereum and Bitcoin.
“For corporations, the Covalent Terminal lets them track the health metrics and user adoption of their issued tokens,” said Silota CTO Levi Aul. “For regulators, the Covalent Terminal allows them to track source of funds, disbursement of funds raised, and with the classification of security and utility tokens.”
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