("Coinsilium" or the "Company")
* Equity holding in
* Initiation of wholly-owned private fund in
* Appointment of
* Advisory client Fantom Foundation ('Fantom') successfully completed token sale, with a 60 times oversubscribed whitelist of token buyers and the sale of the maximum number of tokens available, in a single day, representing proceeds of a total of
* Eight new advisory clients engaged
Post Period Highlights:
Significant Developments of
In March, Indorse partnered with fellow Ethereum project Dock.io to collaborate on a number of areas including: user authentication, data importing, work experience population and skills validation.
In the same month, the company partnered with independent research platform ICOCrunch to provide verification for projects aiming to list on the ICOCrunch listing index.
In March, CoinDash launched its portfolio tracking app Blox, and following user feedback and community discussion, rebranded the whole company to Blox.
In April, Blox distributed tokens as part of its 3rd and final airdrop to early adopters and the Blox community, sending out 5m CDT tokens and taking the total amount of airdropped tokens to 15m CDT.
In May, RSK Labs ('RSK') announced that its sidechain and smart contract functionality, which will operate on the bitcoin protocol, was secured by 10% of the mining power provided to support the Bitcoin network, spread across 80% of mining pool power cumulatively, with 80% of miners signalling support for the future.
In June, RSK released the latest upgrade to its 'Bamboo' mainnet Network Release (v0.4.3).
Finally, in the same month, RSK launched an online course via popular blockchain and crypto website Blockgeeks.com, offering an introduction to the RSK technology.
"As the Company moves into the busy last quarter of the year with a healthy pipeline of quality Token Sale Advisory clients, it continues to build upon our early successes in this fast-growing sector with a cash generative Token Sale Advisory Services division.
"With nine live clients at the moment, and a number of strategic equity holdings across a solid portfolio of cutting edge blockchain companies,
The Directors of
For further information, please contact:
Three years since its admission to the NEX Exchange,
The Company's early mover status has provided it with invaluable industry experience, connections and access to investment and partnership opportunities with some of the 'best in class' blockchain projects out there. The Board believes that the investments and commercial opportunities executed to date present a unique opportunity to create shareholder value.
The Company is now positioned at the forefront of the burgeoning Token sector, having supported some of the most successful and high-profile projects through their Token Generation Events ('TGE'). In its recent development,
According to PwC's 2018
Blockchain, along with AI, is one of the breakout technologies in recent times and the world is now starting to see mass adoption.
Increased security, speed, automation through smart contracts and the tamper-proof nature of the distributed ledger means Blockchain offers a number of major benefits compared to other systems. That has attracted the financial, healthcare, legal, automotive, energy, media, retail and supply chain management industries.
The Company remains focused on delivering its stated strategic objectives:
In the period under review, revenue for the six months ended
The Group generated a profit for the six months ended
The earnings per share was a profit of
The value of the available-for-sale financial assets amounted to £1.37m at
The total other current assets, which is a combination of crypto currencies and tokens, amounted to
Cash and cash equivalents amounted to
In summary, the Board is very pleased with the Company's profitability and improved performance during the past six months.
At the start of the period,
The success of FANTOM's public token sale, in a short time-frame, illustrates the high level of interest in this project from the investment and blockchain communities globally. The team must now demonstrate the value of their protocol, but we see indications that FANTOM's technology is being considered very seriously, both at the enterprise and government levels.
In July, the Company announced the appointment of
Malcolm has a long-standing career in financial markets in the
TerraStream was formed with the objective of creating a blockchain powered platform to support the offering of Token based alternative funding solutions with potential applications across several industry sectors. Initial focus will be on the mining industry and in particular, precious metals and natural resources extraction.
The build and development of the TerraStream Platform is expected to be funded predominantly via the proceeds of a non-dilutive digital Token Sale under
Malcolm will be working alongside TerraStream's Mining Sector advisor
Later in the month,
Further, the Company agreed to convert part of its advisory fees into
Elevate is aiming to facilitate a number of cost-reducing reward-solutions for healthcare providers, insurers, health authorities, families and employers through a range of technological innovations including mobile apps, wearable devices, smart contracts and reward tokens.
The co-founders of Elevate include
Elevate's original approach of tackling health threats and improving lifestyle and health standards on a global scale, combined with the teams' highly successful track record, is a clear differentiator for us.
We also see significant opportunities for enterprise-level stakeholders, such as insurance companies and healthcare service providers, to enhance their offering by joining the Elevate platform, and we look forward to working closely with this talented team to help them achieve their goals.
As part of the agreement,
Universal Reward Protocol
In August, the Company reported that it had entered a strategic partnership with
URP is creating a protocol for shoppers and retailers to interact in real-time and on a personalised basis. The URP technology will allow retailers to reward consumers for any type of shopping behaviour, online and offline, and for sharing the corresponding shopping data. Retailers can use the collected 'Proof-of-Behaviour' data to offer deals tailored to each specific individual shopper's activity. The URP solution will provide shoppers complete control over the use and sharing of the data, using blockchain to store all opt-ins (and opt-outs) to each individual reward campaign.
Shoppers earn URP tokens by fulfilling the behaviour described in the campaign and agreeing to share their data. They can then redeem these tokens through personalised offers from a retailer of their choice.
Following the unprecedented level of interest in blockchain and price surge of cryptocurrencies and digital tokens towards the end of 2017, the period under review saw a significant retraction in the global cryptocurrency markets, marked by high levels of price volatility.
Whilst it is understandable that the markets may correlate cryptocurrency price trends with the prospects for investors and service providers in the sector such as
As market conditions have become more challenging of late, it is clear that token buyers are also becoming more selective and discerning. Combined with this, the strong reputation
In parallel with the recent crypto market developments, the Company is also now starting to see a shift in interest, emanating from the newly setup 'crypto funds' and investors, away from the pure 'token play' model, which was the prevailing trend during 2017, and now towards the acquisition of equity stakes in Blockchain companies. Given
It is also worth emphasising that none of the tokens or Cryptocurrencies currently held by
After a boom year in 2017, the trend in 2018 has also been towards a deeper level of scrutiny from global regulators, though only a few jurisdictions thus far have taken a pro-active stance in terms of regulation.
In conclusion, whilst the prevailing market conditions will inevitably present certain challenges for the sector in the near term, they are also symptomatic of a rapidly maturing industry undergoing an unprecedented pace of development and growth. And whilst current conditions prevail,
Across the Company's investing, venture building and advisory divisions, we look forward to the future with growing confidence and enthusiasm and the Board would like to thank all shareholders, partners and team members for their continued support.
1. Basis of Preparation
The consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31
2. Financial Information
The consolidated interim financial statements do not constitute statutory accounts. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going concern basis in preparing the Financial Statements.
Risks and uncertainties
The key risks that could affect the Group's short and medium term performance, and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2017 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.coinsilium.com. The Group's key financial risks are liquidity, equity securities price risk and foreign exchange movements.
The preparation of consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 2017 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period. The consolidated interim financial statements have been prepared on the historical cost basis, except for the measurement to fair value of certain financial instruments.
Changes in accounting policies and disclosures
There are no new and amended IFRS standards that are effective for the first time for the financial year commencing 1
The consolidated interim financial statements for the 6 months ended 30
3. Directors Remuneration
Directors of the Company received total remuneration of £138,000 for the 6 months ended 30
4. Earnings Per Share
Basic earnings per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares outstanding during the period.
The Company had no dilutive potential shares during any period.
5. Available For Sale Financial Assets
The Directors do not recommend the payment of a dividend.
7. Approval of Interim Financial Statements
The interim financial statements were approved by the Board of Directors on 28
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