Coinsilium Group Limited (COIN)
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: IND Token Staking Dashboard goes 'live' and Crypto Treasury update
London, UK, 8 February 2021 - Coinsilium Group Limited (AQSE:COIN) (OTCQB:CINGF) the Blockchain, Open Finance and Crypto Finance venture operator, is pleased to provide an update on the status of its Cryptocurrency treasury holdings and also to report that its portfolio company and advisory client Indorse Pte. Ltd. ('Indorse') has announced that its IND token staking dashboard is now live in readiness for the launch of the Indorse 2.0 ('IND 2.0') token model.
Cryptocurrency Treasury Status
As of 8 February 2021, the USD value of Coinsilium's vesting and fully vested cryptocurrency and token treasury, excluding cash at bank, stood at USD1,984,635. This is predominantly denominated in highly liquid cryptocurrencies and tokens including BTC (Bitcoin), ETH (Ethereum), ICX (ICON) and RIF (RSK Infrastructure Framework), including USD214,703, denominated in RIF, which will vest monthly over the forthcoming 21 months.
Since the last update provided by the Company on 20 January 2021, Coinsilium's crypto treasury position has increased in value by approximately 17% reflecting the ongoing strength in the global cryptocurrency markets which are now capitalised at USD1.2tn.
RIF (IOV Labs, RSK Ecosystem Token) has recently seen a sharp acceleration in price and trading volumes on Binance.com, the world's largest cryptocurrency exchange, are steadily growing. As of 8 February 2021 RIF was trading at around US$0.24c, representing a c160% price increase in the last three months. The RIF market cap is currently USD161m; Coinsilium holds ca. 2,001,342 RIF tokens taking into account its fully vested, vesting and staking reward tokens.
The Company continues to actively manage its cryptocurrency portfolio to maximise returns, taking advantage of the current highly active market cycle.
IND 2.0 Product Launch
As announced on 17 August 2020, Coinsilium acts as strategic advisor to Indorse in relation to the launch of IND 2.0. The Company provided a further progress update on 26 October 2020.
In preparation for the launch of IND 2.0, Indorse has now announced the launch of the IND token staking dashboard, which can be accessed here. The Indorse 2.0 Light-Paper which provides full specifications relating to its updated token utility model can be downloaded here.
Indorse describes the IND staking dashboard as the first step towards the launch of IND 2.0 and lists details of forthcoming features such as incentives for stakeholders including early contributors, validators and decentralised referral agents, integration of the staking dashboard functionality with the Indorse platform and the delegation of tokens for decentralised governance.
IND 2.0 Staking Model
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.
Users of IND 2.0 will be able to stake their IND tokens to earn reward tokens by "depositing" them in the Indorse staking Smart Contract. Staking rewards are given out of a pool of 14,624,747.00 "Inflation Tokens" that have been kept aside from the IND token sale in 2017. The staking rewards distribution model is designed to be available for a period of 60 months and the available supply will continue decreasing month over month until the 60th month, though may continue beyond this time period depending on availability of IND tokens in the pool.
Indorse is a Coinsilium equity portfolio company. Coinsilium currently holds a 10% interest in the issued share capital of Indorse. Coinsilium also holds 5,293,875 IND tokens representing approximately 14.12% of the current circulating supply. This holding is formed of a combination of tokens granted as founder investors in Indorse as well as subsequent market purchases made by the Company.
Advisory Service Terms
Terms pertaining to advisory engagements are commercially sensitive and subject to confidentiality agreements. As a rule, service fees are made up of monthly retainer fees and a final success fee, payable on the successful completion of the agreement.
Whilst these revenues can be meaningful, fees are usually denominated or payable in cryptocurrencies and are therefore often subject to the high levels of volatility witnessed in this industry.
The Directors of Coinsilium Group Limited take responsibility for this announcement.
For further information, please contact:
Notes to Editor
Coinsilium is a focused Blockchain, Open Finance and Crypto Finance venture operator. As the first ever IPO of a blockchain company in 2015, Coinsilium has harnessed its experience and wide-ranging network to invest in leading blockchain projects such as RSK/IOV Labs, Indorse and Blox.
In July 2020, Coinsilium executed an agreement with top 100 blockchain protocol company IOV Labs, to establish a 50/50 Joint Venture Company in Singapore to promote and commercialise RSK's products, services and technologies in global markets and to promote the adoption in the region of the RIF token which powers the ecosystem of solutions developed by RSK, their partners and developers around the world.
Coinsilium shares are traded on the London-based AQSE Growth Market, under the ticker symbol "COIN", and on OTCQB Venture Market ("OTCQB") in New York under the ticker symbol "CINGF".
For further information please visit www.coinsilium.com or follow
@CoinsiliumGroup on Twitter
Indorse is a skills validation platform which helps companies find the talents they need faster. Unlike other platforms on which users can claim skills without a proper validation, Indorse ensures that users' skills are assessed and validated by a panel of experts. Using cutting edge technology, Indorse provides insights about candidates' skills and proficiency level. Instead of spending several man-hours and dollars sifting through a barrage of resumes, hirers can now interview only the validated candidates who have been assessed by experts in the domain.
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