(Alliance News) - Vela Technologies Inc on Friday said investee Interbit Ltd has signed a partnership with Xinova LLC to develop its flagship platform.
Interbit, listed in Toronto, is developing a computing platform to allow customers to build applications consisting of multiple blockchains.
Interbit, in which Vela has a 2.6% stake, is to work with Xinova to review the code and build the platform further. Interbit hopes to have the review finished early in the fourth quarter of 2019.
Scott Maxwell, chief operating officer of Interbit, said: "Given the advantages our multi-blockchain aims to provide, our primary focus now is to advance the Interbit platform to a point where it can support commercial applications and satisfy the demands of Xinova, its network and others.
"Xinova's review will not only provide us with external validation of our platform but also accelerate our commercial deployment and the identification of further opportunities."
Vela shares were 13% lower on Friday at midday in London at 0.11 pence each.
Vela Technologies (VELA)