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…