COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium: New Advisory Client
Coinsilium to Advise Kesholabs, An African Venture Builder and Development Studio
London, UK, 18 May 2020 - Coinsilium Group Limited (AQSE:COIN), the blockchain technology venture builder, advisor and investor, that finances and manages the development of early-stage blockchain technology companies, is pleased to announce its appointment as an Advisor to Kesholabs Limited ("Kesholabs").
- Coinsilium to provide strategic advisory services to Kesholabs, a Kenya-based venture builder and development studio whose primary focus is in blockchain-driven innovation and decentralised open finance solutions
- Services to be provided by Coinsilium's Advisory Services division. Eddy Travia, Coinsilium's Chief Executive, to join the Kesholabs Board of Advisors
- Kesholabs is led by Nhial Majok, formerly Tech Lead at IBM Australia and pioneer blockchain entrepreneur
- Advisory services provided include review of and recommendations on business model, business and marketing plan, connections to potential blockchain technology partners and investors, and strategic advice on fundraising options and business expansion
- The financial terms pertaining to the strategic advisory engagement are commercially sensitive and subject to confidentiality agreement. Notes below provide guidance as to Coinsilium's advisory service terms of business
Kesholabs - East Africa Based Blockchain Development Studio
To date, the Kesholabs team has been developing three applications, all of which are at the MVP stage, looking to launch in the East African market within the next 3 to 12 months. These three applications are:
Pesabase - a mobile payment/remittance application currently running on the Celo testnet (https://celo.org/). The Pesabase platform combines stablecoin and mobile money and will have the advantage of ensuring cost-effective near instantaneous remittances and payments.
Bithela - a platform solution that plugs into global cryptocurrency liquidity pools and allows users in various countries to deposit money, trade digital tokens and easily withdraw funds.
Vitasphere - an e-sports platform allowing African video game players to connect online and compete for prizes in tournaments.
Last month, Kesholabs was selected among the 18 finalists in Celo's blockchain accelerator program ('Celocamp') out of 251 applying teams from 60 different countries. Celo is an open platform that makes financial tools for mobile devices and is partly funded by Andreessen Horowitz and Polychain Capital. Kesholabs acceptance into Celocamp to build out its Pesabase product is recognition of its unique position in having built a team that understands the African mobile money/remittance market and the benefits that blockchain technology can bring. The Kesholabs team is working to build bridges between blockchain and mobile money wallets such as Mpesa.
There are several strong indicators which point to a promising market for cryptocurrency services in Africa: over the last two years, three of the top five Google searches for 'bitcoin' have emanated from countries in Africa. Recent peer-to-peer cryptocurrency trading volumes have been the highest ever in sub-Saharan Africa and new cryptocurrency exchange sign-ups have seen sharp increases.
As part of Kesholabs recently launched awareness campaign, Coinsilium CEO Eddy Travia and Kesholabs founder and CEO Nhial Majokhave co-authored an article on the African Cryptocurrency opportunity which has now been published on Medium.com.
The post 'Is Africa the Land of Crypto Opportunities?' can be viewed via this link.
Coinsilium's Chief Executive, Eddy Travia, commented: "We are delighted to now be able to officially announce this advisory agreement with Kesholabs. Having known and worked with its talented founder and CEO Nhial Majok for some time, we share a common vision of the unique and promising opportunities the African market holds for the development of blockchain projects and the adoption of cryptocurrencies. We are also confident that Kesholabs has the right combination of management skills, experience and connections to become a major industry force in the region.
We see this new advisory agreement, the first to be announced in 2020, as an encouraging sign of improving sentiment towards the blockchain technology sector, driven in the main by the strengthening global cryptocurrency markets.
Coinsilium adopts a highly selective policy with regards to the advisory work it undertakes, opting in all cases for quality over quantity. Kesholabs' highly ambitious project soundly meets our criteria and we look forward to providing the market with updates on further developments."
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; the latter usually being a fixed fee or single digit percentage of the global proceeds of project funding, payable on its successful completion. 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
Malcolm Palle, Executive Chairman
Eddy Travia, Chief Executive
+44 (0) 7785 381 089
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
(AQSE Growth Market Corporate Adviser)
+44 (0) 207 469 0930
SI Capital Limited
+44 (0) 1483 413 500
Notes to Editor
Coinsilium is a venture builder, investor and advisor, supporting early stage blockchain technology companies and the digital token economy. As the first ever IPO of a blockchain company in 2015, Coinsilium harnesses its experience and wide-ranging network to invest in leading blockchain projects such as RSK/IOV Labs, Indorse and Blox.
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 or follow @CoinsiliumGroup on Twitter
Kesholabs is a Kenya-based venture builder and development studio whose primary focus is in blockchain-driven innovation and decentralised open finance solutions. Kesholabs aims to develop and commercialise blockchain and cryptocurrency payment applications for the African consumer market.
Recent Coin Telegraph article on Celocamp finalists including Kesholabs: https://cointelegraph.com/news/celo-developer-bootcamp-announces-18-finalists-from-15-countries
For further information about Kesholabs please visit: https://www.kesholabs.com/