Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF) said it has now completed the acquisition of the Tokenomi Web3 advisory service business, a deal flagged in March.
Tokenomi’s advisory client book currently consists of seven retained Web3 blockchain project clients, including three additional deals closed after the original heads of agreement.
With these deals, projected revenues from advisory service agreements are just over £1mln subject to completion of token-generating events (TGEs).
These TGEs generally occur within 12 months, Coinsilium added, with a proportion of success fees, in certain cases, to be received over a subsequent 12-month vesting period though the timing is subject to market conditions.
The consideration for Tokenomi is £116,500, comprising £19,000 in cash and £97,500 in shares at 3p each.
Tokenomi’s owner and managing director, Alexis Nicosia, has joined Coinsilium’s advisory team, the statement added.
Eddy Travia, Coinsilium’s chief executive, commented: “As market conditions continue to improve, we are most encouraged to see the growing level of activity in the wider Web3 venture space, and the steady stream of demand we are now witnessing for our Web3 advisory services, particularly in the SE Asia region.
“We believe this acquisition has the potential to materially contribute to Coinsilium’s revenues as well as the company’s cryptocurrency treasury holdings.”
--First published 19 May 2023--