Coinsilium Group Limited (LON:COIN) said it has begun active management of cryptocurrencies its holds in treasury, while also extending its initial staking activities.
The blockchain and crypto venture group said as of August 19, 2020, the value of its fully vested crypto and token treasury is US$575,134 and predominantly denominated in “highly liquid” cryptos such as Bitcoin and Ethereum.
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Coinsilium also said in addition to its treasury position there are a further US$104,559 of RIF tokens that it will vest monthly over the next 27 months.
The company said the overall crypto market has “materially strengthened in recent months” which has provided an opportunity to exit and swap out of certain token positions into more liquid positions that it said offered “greater liquidity, stronger future growth potential, or a combination of both”.
Coinsilium said staking activities, a less resource-intensive alternative to mining crypto where users are rewarded for allowing their tokens to be locked in to support a blockchain network, had begun in July and have now been moderately extended, particularly regarding the utilisation of the company’s RIF tokens deployed on the Money on Chain platform.
“Whilst staking activities are at a very early stage and network conditions are rapidly evolving, we are most encouraged by the strong and consistent growth in activity we are seeing on the Money on Chain platform and we believe that a combination of active crypto treasury management and prudent staking activities can provide a reliable additional revenue stream for the company”, Coinsilium added in a statement.
The firm noted that it will also look to develop further in-house expertise to manage its digital assets and take advantage of other income-generating opportunities available in the crypto finance market.
