Early stage blockchain accelerator Coinsilium have raised £118,000 through the issuance of new shares, in order to fund a £60,000 investment into a blockchain-based management system for digital assets.
The company issued 5,900,000 ordinary shares of no par value at a price of 2 pence per share from current and new shareholders, raising the total of £118,000. The rest of the balance will be allocated towards the development of the Company’s Smart Contract Alliance initiative and general reinvestment into the business.
Eddy Travia, Chief Executive Officer of Coinsilium, said of the share issue:
“We are very pleased to see new and existing shareholders and all the Company’s directors supporting this fundraise which will enable us to invest in some exciting opportunities in this fast growing sector in addition to pursuing our own initiatives in blockchain and smart contract technologies.
“As the growth in digital asset offerings gathers pace, Smart Contracts are set to play a key role in the development of this market. Through its early investments in leaders in blockchain and smart contract technologies, Coinsilium is ideally positioned to take advantage of the commercial opportunities ahead.”
London-based Coinsilium is accelerator that finances and manages the development of early-stage blockchain technology companies, through its consortium of top-tier investors, industry thought leaders and executive managers. At the end of 2015 it became the first blockchain technology company to float, issuing shares on ICAP’s high-growth ISDX market.