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Bitcoin technology company Coinsilium hails progress

Group makes advances in bid to become blockchain technology financier and adviser.

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Blockchain has gained popularity and US stock market Nasdaq is set to adopt it

Coinsilium (LON:COIN), which specialises in the technology behind controversial e-currency Bitcoin, hailed progress since listing last year.

The company, which raised £1.12mln when it listed on the ISDX market in December, made pre-tax losses of £699,322 in the nine months to June 30, 2015.

But the group said it was making advances in its drive to become a blockchain technology financier and adviser.

Blockchain is essentially a decentralised public ledger that lists every transaction ever made, logs it, and makes it available to the public.

Coinsilium invests in start-ups that use blockchain technology and advises larger companies interested in using it.

The group has built up a portfolio of interests in 12 blockchain fintech-focused companies, which it plans to finance and advise to help them develop commercially.

It raised about £660,000 during the nine months and paid just over £2mln to buy Seedco Ventures, including the Seedcoin brand and investments in six companies in the sector.

Consilum also bought a 27.3% stake in Trac Technologies, a gold trading platform developing a gold-backed cryptocurrency product.

It also hopes to take larger stakes as well as buy more companies and seek more specialist consultancy work with major corporates.

Blockchain has been gaining popularity recently and US stock market Nasdaq has pledged to adopt the technology.

Similarly, the first ‘Bitcoin tracker’ set up to give investors exposure to the fast-growing market while, more recently, concerns about Greek banks has generated renewed interest in the e-currency.

Chairman Cameron Parry said: "As with the Internet, it is the early adopters who are best positioned to embrace and financially gain from the potential of blockchain technologies and applications.

"As an early adopter, Coinsilium is well positioned to take advantage of the global market opportunity that blockchain technology presents."

Quick facts: Coinsilium Group Limited

Price: 2.75 GBX

NEX:COIN
Market: NEX
Market Cap: £0.00
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