Coinsilium Group Limited (COIN)
Coinsilium Group Limited: First DeFi Services Agreement
17-Aug-2020 / 07:00 GMT/BST
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COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: Coinsilium signs first DeFi Services Agreement for
the creation of DeFi based Token Model
London, UK, 17 August 2020 - Coinsilium Group Limited (AQSE:COIN) the
Blockchain, Decentralised Finance ('DeFi') and Crypto Finance venture
operator, is pleased to announce its appointment as advisor to Indorse Pte.
Ltd. ('Indorse') in respect to its forthcoming initiative to revive the
token economics of its IND token through a new DeFi based model.
Disclosure Note:
Coinsilium currently holds a 10% interest in the issued share capital of
Indorse as part of the Company's investment portfolio. Coinsilium also holds
5,793,875 IND tokens representing approximately 15.37% of the current
circulating supply. This holding is formed of a combination of tokens
granted as founder investors as well as subsequent market purchases made by
the Company.
Highlights:
- Coinsilium announces maiden DeFi Services advisory agreement
('Agreement') with Indorse to advise on new IND token strategy, token
model and enhancement of token trading liquidity.
- Indorse to refocus its IND token under new DeFi based model.
- Indorse to engage into liquidity incentivisation campaigns to ignite
interest from liquidity providers into IND.
- Coinsilium sees buoyant global DeFi market bolstering demand for its
DeFi advisory services.
Indorse successfully completed a token sale for its IND token in September
2017 and has since continued to demonstrate strong operational progress with
its underlying business including its proprietary recruitment technology
platform, Hackathon service model and its recently launched Metamorph
developer SaaS solution.
Notwithstanding Indorse's business growth and operational success, there has
been a marked divergence between its operational business model and the
performance of its native IND token which has resulted in the
underutilisation of the IND token.
In July 2020, Indorse published an update to its community of token
contributors and holders announcing high-level proposed plans to address the
IND token's underutilisation issues and its intentions to re-dynamise the
Indorse token ecosystem going forward. The proposed plans also set out to
boost the IND token's trading liquidity and reshape the IND token model,
combining some of the latest developments in DeFi.
Indorse has now appointed Coinsilium as advisors for the purposes of the
design and implementation of their new token strategy. Under the terms of
the advisory agreement, Coinsilium will recommend the strategy and solutions
in order to attract liquidity providers to the IND trading venues and work
with Indorse on the design of new token utility models for the IND token.
This Agreement marks the first DeFi-focused commercial advisory agreement
undertaken by Coinsilium since the Company's announcement in July 2020 of
its intention to capitalise on the new and substantial opportunities it sees
in the burgeoning DeFi and Crypto Finance sectors.
Eddy Travia, Chief Executive of Coinsilium, commented: "Indorse has
achieved impressive milestones since its Initial Coin Offering ('ICO') in
2017 however the Indorse token has not yet benefited from these successes.
Given the current cryptocurrency market trends and the innovation boom we
are now seeing in the DeFi space, we see the coming months as an
exceptionally opportune period for us to be working with the Indorse team on
the creation of a new DeFi focused token model with the objective of
reviving the IND token to demonstrate its potential under a new light whilst
preserving the Indorse community values.
We look forward to contributing our experience in token model design to
fulfil Indorse's aspirations for its IND token at this pivotal point in the
token's life cycle.
We are most pleased to be able to announce the Agreement with Indorse today.
This is Coinsilium's first DeFi focused advisory services agreement in a
sector that we believe will continue to experience considerable growth.
It is important to note that there are hundreds of post-ICO projects whose
tokens are in similar situations with many of them eager to reshape their
token models.
We are confident that we can access and secure a significant share of this
market given our industry record of building a successful advisory services
business during the ICO growth years."
Gaurang Torvekar, Chief Executive of Indorse, commented: "Although we
conducted a successful token sale in 2017 and have been operating as a
successful business since, generating meaningful revenues along the way, the
IND token utility and liquidity has suffered due to the market conditions
and dynamics.
With the revival of interest in the crypto space, fuelled by burgeoning
demand for DeFi solutions, we think that this is an opportune moment to put
our plans into action to revive the IND token.
With the help and support from Coinsilium, we are confident that we can
revitalise our token ecosystem and give a boost to the utility model."
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:
Coinsilium Group Limited +44 (0) 7785 381 089
Malcolm Palle, Executive Chairman www.coinsilium.com
Eddy Travia, Chief Executive
Peterhouse Capital Limited +44 (0) 207 469 0930
Guy Miller / Mark Anwyl
(AQSE Growth Market Corporate Adviser)
SI Capital Limited +44 (0) 1483 413 500
Nick Emerson
(Broker)
Notes to Editor
About Coinsilium
Coinsilium is a focused Blockchain, Decentralised Finance ('DeFi') 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 global 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 the Asian 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 AQSE Growth Market, the primary market
for unlisted securities operated by Aquis Stock Exchange, a Recognised
Investment Exchange under the Financial Services and Markets Act 2000.
For further information please visit www.coinsilium.com [1] or follow
@CoinsiliumGroup on Twitter
About Indorse
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.
For further information about Indorse please visit www.indorse.io [2] and
https://youtu.be/CBs1JJe9Qr4 [3]
ISIN: VGG225641015
Category Code: MSCM
TIDM: COIN
Sequence No.: 82211
EQS News ID: 1119185
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(END) Dow Jones Newswires
August 17, 2020 02:00 ET (06:00 GMT)
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