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- Linius Technologies (LNU) signs an agreement with Blockchain Solutions Australia (BSA) to develop and launch Web3 products for its subsidiary, Linius Blockchain Solutions (LBS)
- Under the terms of the agreement, BA will provide consulting, design and development services and a range of software tools and licences
- In return, BA will receive a nine per cent equity interest in LBS upon
- Linius says the partnership will accelerate its strategy for using LBS to enter the Web3 market, valued at US$1.3 billion (A$1.94 billion)
- Shares in Linius are up 12.5 per cent to 0.45 cents at 11:37 am AEDT
Linius Technologies (LNU) has signed an agreement with Blockchain Solutions Australia (BSA) to develop and launch Web3 products for its subsidiary, Linius Blockchain Solutions (LBS).
Under the terms of the agreement, BSA will provide consulting, design and development services and a range of software tools and licences to LBS.
In return, BSA will receive a nine per cent equity interest in LBS upon the completion of the work.
The partnership will extend the range of products and partners using the Linius Video Services (LVS) platform.
Further, it will accelerate Linius’ existing strategy for using LBS to enter the Web3 market, which the company said was valued at US$1.3 billion (A$1.94 billion) and growing at a compound annual rate of 44.9 per cent through to 2030.
Through LBS, Linius will be able to forge partnerships with leading specialists in the Web3 market.
“Linius has long had a vision for the application of blockchain technology in video, including a granted patent for attaching virtual video directly to a blockchain,” Linius CEO James Brennan said.
“Our customers and prospects, particularly in the sports market, are rapidly deploying and evaluating Web3 solutions to help them engage fans, monetise content, increase security, and improve operational efficiencies.
“We are excited to be actively developing our first products for this large, high-growth market. I’m confident that our products will add unique value to customers and new revenue streams to Linius.”
The first products from this partnership are expected to be completed in the first half of 2023.
Shares in Linius were up 12.5 per cent to 0.45 cents at 11:37 am AEDT.
