iCapital, an Israel fund management platform, has signed a partnership agreement with Enecuum, a blockchain platform that offers mobile mining services.
Publication of micro-blocks
In a statement, Enecuum, which is based in Hong Kong, said that all smartphone users on its network will take part in the publishing of micro-blocks every day and then earn rewards. The company says the new move will allow millions of new users to access cryptocurrencies. To participate in publishing, users will be required to download the Enecuum App, which then puts a processing load on the phone similar to a messenger app.
iCapital indicated that the agreement was signed after its experts conducted all due diligence on Enecuum project, which mainly focuses on three main areas. These are the business model, technology and other leading criteria. It is after this review that iCapital finally concluded that Enecuum is a qualified candidate for financing.
Investing in innovative technologies
While commenting on the partnership, iCapital General Manager, Agada Nameri, said the company has been investing in blockchain technology for the last three years. According to Nameri, the company has been investing in projects that add value to the team as well as its customers.
Terms of the agreement
As part of the agreement, Shelly Hod Moyal from iCapital will become a founding partner at Enecuum. Moyal is also a founding partner at Israeli VC and investment platform iAngels. The iAngels platform offers high-tech equity deals and has $140 million under management.
According to Nameri, iCapital has a lot of experience in managing projects from around the world, mainly as an investment platform. She noted that the company was particularly impressed by the manner in which Enecuum is solving some of the shortcomings of blockchain. These include security, scalability and speed. Enecuum is said to be tackling these problems using a hybrid system that facilitates mobile mining.