As a company, is exceptionally well positioned with a robust financial model and an ability to leverage shareholder returns at an exciting time in the blockchain industry
Coinsilium CEO Eddy Travia
What Coinsilium does
Group Limited () is a cryptocurrency and blockchain venture firm with specific focuses on decentralised finance (DeFi) and crypto finance.
The company also has a focus on the virtual asset and digital collectable market through a technical development and support deal with Vietnamese firm RedFOX Labs.
How it’s doing
In early February, the company noted that its portfolio firm Indorse, for which it acts as a strategic advisor, has made live its IND token staking dashboard in readiness for the launch of its Indorse 2.0 (IND 2.0) token model.
The dashboard will allow owners of IND tokens to earn reward tokens by “depositing” them in the Indorse staking Smart Contract. Staking is the act of ‘locking’ a cryptocurrency token into a digital wallet with the intent of supporting the operations of a blockchain by reducing the circulating supply of tokens and increasing their scarcity. In return for staking tokens for a specified time period, the holder is rewarded with more tokens through a smart contract on the blockchain.
Meanwhile, Coinsilium also updated on the status of its cryptocurrency treasury, saying that as of February 8 the value of its treasury excluding cash at bank was around US$1.98mln, which is predominantly denominated in highly liquid cryptos including Bitcoin, Ethereum and ICX. The company said US$214,703 was denominated in RIF, which will vest monthly over the next 21 months.
The company said since the last update on January 20, the value of its crypto treasury has increased by around 17%, which it said reflected the “ongoing strength in the global cryptocurrency markets”.
Coinsilium also said RIF tokens have recently seen a sharp acceleration in price and trading volumes on Binance.com, the world’s largest crypto exchange, and as of February 8 were trading at around US$0.24 each, a 160% increase in value over the last three months.
The company has also expanded its business into the virtual asset and digital collectable market through a technical development and support deal with Vietnamese firm RedFOX Labs unveiled in December.
Under the agreement, the company said RedFOX will support the creation of a range of virtual asset and digital collectable marketplaces and facilitate the trading of non-fungible tokens (NFTs) across various prospective market sectors.
NFTs are different from other digital assets such as Bitcoin in that they are digital tokens with unique characteristics, with metadata inside them acting as a permanent and unalterable record of what the token represents. They can be used as digital authentication certificates for assets such as artwork as well as unique digital collectables.
The firm is already seeing traction with the venture, having landed a deal with the Gibraltar Philatelic Bureau for the creation of a commemorative limited edition cryptocurrency postage stamp for release in the second quarter of 2021.
In other expansion news, Coinsilium began trading its shares on the OTCQB Venture Market (OTCQB) in the United States in October and has also completed a follow-on investment agreement with IOV Labs Ltd, the parent company of smart contract platform RSK, while the two parties have also agreed to expand the geographical scope of the IOV Labs Asia joint venture (JV) from regional to worldwide.
In its results statement covering the first half of 2020, a period when the company prepared to make the transition from an investor in early-stage start-ups to a focused Blockchain, DeFi and Crypto-Finance venture operator, revenue crept up to £140,230 from £108,967 a year ago.
Profit before tax narrowed to £27,000 from £242,000 the year before, reflecting a smaller gain this time round in the “fair value” worth of its financial assets.
What the boss says: chairman Malcolm Palle
Commenting on the agreement to create the Gibraltar Crypto Postage Stamp, Coinsilium chairman Malcolm Palle said: “Whilst the market for digital collectables is still at a nascent stage, the activity and pace of growth we are witnessing, particularly in the philatelic market, demonstrates that there are strong demand fundamentals emanating from a new generation of collectors and NFT enthusiasts globally. We also see indications of strong synergies in parallel collectables marketplaces where potential opportunities in numismatics, gaming, sports, music and art are currently under evaluation.”
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