Coinsilium Group Limited: Result of AGM and Statement
Coinsilium Group Limited (COIN)
COINSILIUM GROUP LIMITED ("Coinsilium" or the "Company") Coinsilium Group Limited: Result of AGM and Statement
Gibraltar, UK, 12 December 2022 - Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Web3 investor, advisor, and venture builder hereby announces that at the Annual General Meeting (the "AGM") of the Company held at 9:30am today all resolutions were duly passed.
AGM Chairman’s Statement At the time of the release of Coinsilium’s interim results on 30 September 2022, the global digital asset markets were already in the midst of a prolonged downturn, driven in the main by deteriorating global macroeconomic conditions and regulatory concerns and uncertainties, with the price of Bitcoin and Ethereum down by some 58% and 64% respectively on the year. Since then, the news last month of the rapid demise of FTX has dominated the headlines and drawn attention to the industry for all the wrong reasons. I am pleased to confirm that neither Coinsilium nor any of its investees or advisory clients had any direct exposure to the FTX collapse, however, we do expect the fall-out from this unfortunate event to result in further uncertainties for the broader digital asset markets, at least in the near to medium term. Whilst the story is still unfolding, from what has come to light so far, the FTX fiasco seems to have been a story of multiple failures in risk management, investors’ discernment and due diligence, community scrutiny and an overindulgence by certain Silicon Valley funds and their advisors in their backing of young, inexperienced founders who superficially appeared to tick all the right boxes for their purposes. From some future vantage point, we will no doubt look back at this event as an inflection point for the industry and it is already becoming abundantly clear that there is a pressing need for the implementation of more effective procedures and tools for the monitoring of trading and lending practices of centralised digital asset exchanges. Whilst blockchain technology has the potential to increase openness and transparency for many industries, it is important to note that the current centralised exchange model relies on traditional financial technology and effectively operates in a ‘black box’ mode whereby client funds become hard to trace once deposited into an exchange’s multiple accounts and wallets. Nevertheless, we expect that this unfortunate event will now trigger an accelerated impetus towards the design and enforcement of better practices for the digital asset industry globally, but this will no doubt take time to happen. As far as Coinsilium is concerned, as stated in the Company’s interim results, the Company ended the first half of the year to 30 June 2022 in a healthy cash position, with over £1.1m cash at bank and approx. £1.3m in crypto treasury reserves (valuations applicable at the time, crypto assets predominantly denominated in BTC and ETH). We continue to manage our resources pragmatically, and our priority is now to ensure that we continue to remain on the right side of this difficult market cycle and that we are ready and prepared to resume the drive for growth when the cycle turns, and more positive market conditions prevail. In October 2022 we released a Market Update on our Web3 ventures which included a new set of research tools in the form of individual "Web3 Venture Profiles" to provide shareholders with a concise overview on a selection of the ventures we have backed as investors and strategic advisors. Each of the ventures we have backed has the potential to deliver asymmetrical returns for Coinsilium over time and we would encourage shareholders to take a closer look at each venture by downloading these research tools via the links provided on Coinsilium website: https://coinsilium.com/investors/presentations. As we head in to 2023, we expect our portfolio of advisory clients to continue to grow steadily, particularly in the metaverse, gaming and Web3 space. And in the light of current market conditions, we will also be conditionally looking to add to our portfolio of investments when favourable terms present themselves and where we see outstanding value and potential. Finally, on behalf of the board of Coinsilium I would like to wish all our shareholders the compliments of the season and a happy, healthy and prosperous new year. We also look forward to updating the market on some exciting new events and developments for the Company over the course of 2023. Malcolm Palle - Chairman
The Directors of Coinsilium Group Limited take responsibility for this announcement.
Notes to Editor About Coinsilium Coinsilium is a focused Web3 Investor, Advisor and Venture Builder based in Gibraltar, a pre-eminent global regulatory jurisdiction and a leading hub for innovative financial technology. In 2015, Coinsilium became the first blockchain company to IPO. The Company has evolved to develop revenue-generating strategic advisory services and is a highly regarded innovator with proven technological and commercial expertise and development capabilities in the Web3 arena and also within Open Finance. Coinsilium has developed an array of commercial partnerships and joint ventures around the world to support its development capabilities, giving it access to best-in-class tech experts, a strong network, and asserting its profound industry profile. It has also partnered with blockchain technology experts Indorse to create Nifty Labs, a Web3 and Non-Fungible Token ('NFT') technology development studio in Gibraltar. Coinsilium shares are traded on the AQSE Growth Market in London, under the ticker symbol "COIN", and on the OTCQB Venture Market in the United States under the ticker symbol "CINGF".
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ISIN: | VGG225641015 |
Category Code: | MSCM |
TIDM: | COIN |
Sequence No.: | 207953 |
EQS News ID: | 1510699 |
End of Announcement | EQS News Service |
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