DJ Coinsilium Group Limited: Coinsilium to enter Virtual Asset and Digital Collectible market
Coinsilium Group Limited (COIN)
Coinsilium Group Limited: Coinsilium to enter Virtual Asset and Digital
Collectible market
10-Dec-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: Coinsilium to enter Virtual Asset and Digital
Collectible market
Technical development and support agreement signed with RedFOX Labs
London, UK, 10 December 2020 - Coinsilium Group Limited (AQSE:COIN)
(OTCQB:CINGF) the Blockchain, DeFi and Crypto Finance venture operator, is
pleased to report that, in line with the Company's new business development
strategy, its wholly owned subsidiary Coinsilium (Gibraltar) Limited has
concluded a Technical Development and Support Agreement (the "Agreement")
with Vietnam-based RedFOX Labs Joint Stock Company ("RedFOX"), to support
the creation of a range of Virtual Asset and Digital Collectible
marketplaces and to facilitate the trading of Non-Fungible Tokens (NFTs)
across various prospective market sectors.
The Company has identified the NFT market segment as an emerging blockchain
technology opportunity with significant growth and revenue generating
potential where Coinsilium is well-positioned to play to its strengths,
given its strong industry profile, relationships and global partnership
network.
The Virtual Asset and Digital Collectibles Market
The global market for Virtual Assets and Digital Collectibles is a
fast-growing segment within the rapidly evolving blockchain industry. NFTs
are the enabling technology and the universally referenced nomenclature for
the market segment.
NFTs are now being utilised in a growing array of commercial models
including the digitisation of assets, the creation of digital collectibles,
as well as for bridging physical to digital assets across various markets,
such as gaming, sports, music and fine arts. In these markets, unique
digital assets are being created with their own specific set of features and
properties, allowing new forms of interaction between brands or content
owners and their customers, and between artist/sports personalities and
their fans.
In July 2020 the NFT market recorded $100m in trades which has since
increased by over 50% to $154m (1). According to NonFungible.com, the most
popular NFT applications, in USD sales value, are currently gaming (Axie
Infinity), sports collectibles (Sorare), art (SuperRare) and virtual-reality
space (Somnium Space); the aggregate USD sales volume of NFTs in the past
month was $8.2m which represents more than 4 times the NFTs USD sales volume
for the month of December 2019.
NFT's are powering a growing number of highly scalable digital peer-to-peer
marketplaces such as OpenSea, Decentraland, SuperRare and Atomic Hub. These
highly scalable trading venues offer tremendous efficiencies; automating the
monetisation process whereby creators of digital content receive a
percentage of the revenues derived from each sale.
(1) https://nonfungible.com/market/history [1]
NFT Technology
The enabling technology for this sector relies on the functionality of
Non-Fungible Tokens which differ from fungible tokens or coins such as
Bitcoin in that each token is created with a unique set of characteristics
or identifying information which enables the differentiation of one NFT from
another. This allows content creators to apply pre-set limits on the
quantities of each token produced, thereby creating a digital asset with
inherent built-in scarcity. The uniqueness of each digital asset also makes
them attractive to collectors in each market and depending on their rarity,
potentially highly valuable as well.
The 'smart contract' enabling the NFT automates the monetisation process, as
the blockchain keeps a record of all transactions; thus providing content
creators and resellers with an accurate, transparent record of all their
trades in the marketplace, then automatically enabling the distribution of a
percentage of the gross proceeds from each sale or trade.
RedFOX Agreement
The Company has an existing commercial relationship with RedFOX through its
Joint Venture company with IOV Labs, IOV Labs Asia, as announced on 18
August 2020, whereby the parties have entered into a Memorandum of
Understanding ('MoU') to build fast scaling internet businesses on and for
the RSK Blockchain in the Southeast Asian region.
The Technical Development and Support Agreement with RedFOX announced today
is for the delivery of services with respect to a specifically commissioned
Digital Collectible project which the Company expects to be able to announce
in the coming weeks. It is also expected that the RedFOX Agreement can
subsequently be extended to cover services for other virtual asset and
digital collectible marketplace initiatives currently under evaluation.
RedFOX has significant experience in successfully issuing and
commercialising NFTs such as the RedFOX KOGs series which has proven to be
the most popular series of NFTs on the WAX platform since these playable
NFTs were launched earlier this year.
Management believes that the RedFOX team, led by its Chief Executive Ben
Fairbank, has the ideal skill set and experience to support Coinsilium with
its initial NFT project and in the design and roll-out of potential
subsequent projects.
Malcolm Pallé, Chairman of Coinsilium, commented: "We are most excited to
announce Coinsilium's move into the fast growing and potentially lucrative
NFT space, in-line with the Company's new blockchain and crypto-finance
venture building strategy.
"It is also most encouraging to have RedFOX as our technical partner, with
their proven track record and high-profile industry status. As stated in
this release, we look forward to releasing the full details of our first
commercial NFT project shortly, in readiness for the Company's imminent
relaunch as a Blockchain, DeFi and Crypto Finance venture operator."
Ben Fairbank, Chief Executive of RedFOX Labs, commented: "It is an exciting
time in the evolution of digital collectibles and their interoperability
with games, sports, music and art, through the use of blockchain technology.
Provable ownership, immutable records and data, and an emerging secondary
trading market are just the beginning.
"We have a strong vision for where the industry is headed and of its
capabilities. We look forward to working closely with Coinsilium on
delivering NFT products and solutions that are multi-dimensional and
challenge the existing legacy systems they will surely disrupt."
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, 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 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 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 London-based 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 under the ticker symbol "COIN", and on OTCQB Venture Market ("OTCQB")
in the United States under the ticker symbol "CINGF".
For further information please visit www.coinsilium.com [2] or follow
@CoinsiliumGroup on Twitter
About RedFOX Labs
RedFOX is a blockchain venture builder based in Vietnam, that identi?es and
builds successful pure play business models for the Southeast Asian markets.
RedFOX works to build, launch and scale high growth ventures in Southeast
Asia. Its focus is to unlock the true market potential of the digital
economy for high consumer demand services such as e-commerce, e-media,
e-travel and e-sports/gaming. RedFOX builds companies that promote Access,
Adoption and Application for the Internet Economy. The RedFOX team innovates
with emerging technologies, differentiates with superior Customer Experience
and Value, and maintains a relentless focus on Digital Inclusion.
For further information please visit: https://redfoxlabs.io/ [3]
ISIN: VGG225641015
Category Code: MSCM
TIDM: COIN
OAM Categories: 2.2. Inside information
Sequence No.: 89391
EQS News ID: 1154083
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December 10, 2020 02:00 ET (07:00 GMT)
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