Consentium, a Singapore-developed chat app which allows users to exchange cryptocurrencies, has raised $10m from its private initial coin offering (ICO) sale. The funding will be used to drive expansion across Asia, as well as drive company growth, community development and product innovation.
Touted as Asia’s first multi-digital currency and group monetisation chat application, Consentium allows peer-to-peer (P2P) and multi-digital-currency and C2C (consumer-to-consumer) transfers between users.
The company also rewards its users with cryptocurrency as an incentive to create and cultivate strong in-app communities. It uses a reward system based on creation of quality community groups – comprising both amount of users as well as on-app reputation of users.
Hal Bame, co-founder of Consentium, said:
“The global chat app market is now worth over $48bn and we see very promising potential with Consentium in bridging consumer-to-consumer trading of cryptocurrency together with mobile community engagement. Our vision is to be the number one social network and best-in-class cryptocurrency application. We will do this by helping users and businesses monetise their passion for cryptocurrency through Consentium.”
Chris Low, chief technology officer, added:
“We built Consentium with the intention to transcend the average mobile chat application, and develop a sustainable future-proof application that serves to host core businesses on-the-go and propagate real-world communities. Chat applications should not stop short at e-commerce and remittances, but should develop to dominate as the business and community platform of the future.”
During the next 12 months, Consentium plans to roll out support for additional features. Proceeds from the fundraising will be used to address operational costs as it completes development of the technology. It will also be used to continually improve the user experience by implementing new features alongside better security and encryption functions.