Eros Investments, a Global Media, Entertainment & Technology portfolio of ventures, today announced an acquisition of 90% fully diluted equity in ENT Global, a digital rights management company, for an undisclosed sum and entered a strategic partnership with L3COS, a blockchain-based operating system. The joint entity will be the world’s first Fiat-on-Chain (FoC) entertainment ecosystem allowing creators and fans to interact directly to purchase, sell and trade various digital assets. Furthermore, this association will enable mass adoption of crypto into everyday use and grow the userbase globally with the backing of various currencies safeguarded by a central bank. The closed loop, native marketplace for celebrities and creators will go live soon.
The Fiat-on-Chain (FoC) will initially launch with three currencies – EUR, GBP, and USD – all of which are fully one to one cash backed and safeguarded by a central bank. The Fiat-on-Chain (FoC) will be used for payments and transactions by launch partners AgriDex, the global supply chain marketplace for agriculture and food industry, and ENT Global now owned by Eros Investments.
Every participant transacting on the L3COS platform will have a KYC/AML screened, unique and verified digital identity, to enable individuals, businesses, and governments to interact and trade in a safe and regulated environment on a global scale. This frictionless trade is facilitated using smart contracts and currencies of the end users’ choice. In addition, revolutionary FoC (Fiat-on-Chain) technology delivers real-time settlement of all transactions within the L3COS ecosystem (Real Time Gross Settlement).
“As we ready ourselves for the industry evolution, Eros is pleased to create a first of its kind worldwide marketplace that eradicates entry barriers for consumers transacting on a blockchain ecosystem. With central bank safeguarding, consumers can confidently transact in an entertainment digital marketplace with Fiat-on-Chain capability for the first time. This is the next stage of evolution in commerce, and we are excited to pioneer this disruption with L3COS”, says Kishore Lulla, Chairman Eros Investments.
“We are extremely excited about our partnership with Eros Investments & ENT Global to offer the FoC (Fiat-on-Chain) solution for the digital asset markets industry to eliminate the risks posed by stable tokens and other equivalents. One which brings together creators, athletes and entertainers and allows them to develop and trade digital intellectual properties – from event tickets, art, games, and merchandise – directly with their fans worldwide without any middlemen and without the risk of fraud”, says Zurab Ashvil, Founder L3COS.
