In its results statement covering the first half of 2020, the company said the period saw it make the transition from an investor in early-stage start-ups to a focused Blockchain, DeFi and Crypto-Finance venture operator.
Revenue in the first half of 2020 crept up to £140,230 from £108,967 in the corresponding period of 2019.
The profit before tax narrowed to £27,450 from £242,282 the year before, reflecting a smaller gain this time round in the “fair value” worth of its financial assets.
“The strategic investment agreement with IOV Labs and the establishment of the IOV Labs Asia JV [joint venture] represents a transformational event and significant milestone for Coinsilium, laying the foundations for a unique and exciting strategic collaboration between Coinsilium and IOV Labs,” said Malcolm Palle, the chairman of Coinsilium, referring to the Singaporean joint venture it formed with IOV, the parent company of RSK, the developers of the first smart contract platform secured by the Bitcoin network in which Coinsilium holds an interest of around 1.9mln RIF tokens.
“The board believes that this new commercial relationship presents a real opportunity to create meaningful value for shareholders and is particularly significant for the long-term growth of the company from the perspective of Coinsilium’s transition towards its new strategy as a focused Blockchain, DeFi and Crypto-Finance venture operator, “Palle said.