Press Releases

Coinsilium Treasury Growth Continues as Cryptocurrencies Surge Globally

09 Feb 2021 | by: Daniel Flynn

Coinsilium Group (AQSE:COIN | OTCQB:CINGF)

Monday saw blockchain, open finance, and crypto finance specialist Coinsilium Group release yet another bullish update on its Crypto treasury position, just three weeks after its last update.

In the release, the firm – which began trading on the OTCQB Venture Market in the US in October – said the value of its vesting and fully-vested cryptocurrency and token treasury currently sits at US$1.98 million. This figure, which excludes cash at bank, is around 17% higher than it was at the time of Coinsilium’s last treasury update.

The firm put this down to ongoing strength in the global cryptocurrency markets. The space now carries a total capitalisation of around US$1.2 trillion, and was very recently bolstered by a high-profile US$1.5 billion bitcoin purchase by Tesla. Alongside the purchase, the automobile giant announced plans to begin accepting Bitcoin as a form of payment across its entire product range.

Coinsilium’s treasury sum is predominantly denominated in highly-liquid cryptocurrencies and tokens including Bitcoin, Ethereum, Icon, and the RSK Infrastructure Framework token, RIF.

The company noted in particular that RIF has recently seen a sharp acceleration in price, with trading volumes on Binance.com, the world’s largest cryptocurrency exchange, growing steadily. As of Monday, RIF was trading at around US$0.24, marking a 160% price increase over the previous three months.

Coinsilium currently holds around 2 million RIF tokens once all of its fully-vested, vesting, and staking reward tokens are taken into account.

The company continues to actively manage its cryptocurrency portfolio to maximise returns, taking advantage of the current highly active market cycle,” Coinsilium noted in its release.

Elsewhere, the business announced an update on decentralised software developer and engineering platform Indorse. It was appointed in August last year as strategic advisor in relation to the launch of Indorse’s new IND 2.0 token model.

On Monday, the firm said Indorse has now announced the launch of its IND token staking dashboard, the first step towards launching IND 2.0. In particular, it lists details of forthcoming features like incentives for stakeholders, the integration of the staking dashboard functionality with the Indorse platform, and the delegation of tokens for decentralised governance.

Staking is the act of “locking” a cryptocurrency token into a digital wallet. The goal here is to support the operations of a blockchain by reducing the circulating supply of tokens in return for a reward of more tokens over time through a smart contract on the blockchain.

Users of IND 2.0 can stake their IND token to earn reward token by “depositing” them in the Indorse staking smart contract. Staking rewards are given out of a pool of 14,624,747.00 “Inflation Tokens” that have been kept aside from the IND token sale in 2017.

Coinsilium currently holds a 10% interest in Indorse’s share capital as well as 5,293,875 IND tokens – around 14.12% of their circulating supply.

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