Mumbai: Eros Investments on Tuesday announced the acquisition of ENT Global to form a strategic partnership with L3COS for the mass adoption of the web3 creator ecosystem.
Later this month, L3COS will launch the world’s first ever fiat-on-chain (FoC) with three initial currencies-EUR, GBP, and USD-all of which are fully one-to-one cash backed and safeguarded by central banks.
FoC will be used for payments and transactions by launch partners AgriDex, the global supply chain marketplace for the agriculture and food industry, and ENT Global, the digital rights management company now owned by Eros Investments.
Eros Investments said that this partnership with L3COS will pioneer technological disruption of two trillion dollars in the sports and entertainment industry
The closed-loop native marketplace for celebrities and creators will be live soon, with an initial $500 million of FoC deposits. 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 way on a global scale. This frictionless trade is facilitated using smart contracts and the currencies of the end user’s choice. Revolutionary FoC technology delivers real-time settlement (real-time gross settlement) of all transactions within the L3COS ecosystem.
Eros Investments and ENT Global will power the entertainment and sports marketplace with digital rights management in partnership with L3COS. The collaboration allows the companies to collaborate to build the first web-based entertainment ecosystem, allowing creators and fans to interact directly for the purchase, sale, and trading of various digital assets.
Eros Investments chairman Kishore Lulla said, "As we ready ourselves for this industry evolution, Eros is pleased to be able to create a first-of-its-kind worldwide marketplace that eradicates barriers to entry for consumers transacting on a blockchain ecosystem. With central bank safeguarding, consumers will be able to confidently, for the first time, transact in an entertainment digital marketplace with fiat on chain capability. This is the next stage of evolution in commerce, and we are excited to pioneer disruption with L3COS."
"We are extremely excited about our new partnership with Eros Investments and ENT Global to offer our web3 solution for the entertainment and sports industries, 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 or risk of fraud," added L3COS founder Zurab Ashvil.
