Coinsilium Group, a UK-based blockchain focussed investor, has signed an agreement with Germany-based UMT United Mobility Technology to develop blockchain technology for mobile payments services focussed on the B2C market.

Under the agreement, Coinsilium will work with UMT to explore the use of blockchain-based digital token as a medium of exchange for mobile payments.

Coinsilium will also support UMT in evaluating and determining the economic characteristics, token models and other specific properties required for a potential token sale.

Coinsilium CEO Eddy Travia CEO said: “We are delighted to announce this MoU with UMT AG and we look forward to working with them in establishing the terms for a mutually beneficial commercial agreement in the near term. UMT is a major player in the European mobile payments arena with partnerships with major names such as PAYBACK (American Express Group).

“Our combined experience in the blockchain space makes us well placed to create innovative, reliable and safe solutions for the mobile payments industry.  Our advisory team’s expertise, gained over many years, is pivotal to attracting and securing collaborations with quality partners such as, UMT.”

UMT currently holds 3,288,000 shares representing 3.04% equity stake in Coinsilium Group.