Web3 investor, advisor and venture builder Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF) generated £211,500 in revenues in 2022, marking a 60% year-on-year decrease, in line with the bearish crypto markets.
Impairment of financial assets amounted to £273,300 compared to £147,600 in 2021, with total comprehensive losses exceeding £2mln compared to a £14,000 gain in 2021.
Losses for the period from continuing operations were close to £2.3mln, with per-share losses equalling 1.17p.
In response, Consilium implemented a rigid cost-cutting regime by reducing administrative expenses by 45%.
As of 31 December 2022, Coinsilium had cash and cash equivalents of £667,800 and £1mln in cryptocurrency assets.
In terms of 2022 operational highlights, Coinsilium:
- Was appointed advisor to fashion brand Blvck SRL for the launch of its 'Blvck Genesis' NFT collection
- Entered into a simple agreement for future tokens (SAFT) with Layer3 FinTech Ltd to purchase US$200,000 worth of YELLOW tokens, the native token of Yellow Network
- Was appointed as an advisor to Silta Finance AG, a Switzerland-registered company, and
- Was appointed as advisor to Delaware-registered GGs.io
“2022 will undoubtedly go on record as one of the most challenging periods for the digital asset industry to date, driven in the main by deteriorating global macroeconomic conditions and regulatory concerns, with the crypto markets remaining highly volatile throughout the period and the price of Bitcoin and Ethereum ending the year down by some 58% and 64% respectively,” the company said in its statement.
Looking forward, the group said: “Over the course of the reporting period, we continued to manage our resources pragmatically with a determination to remain on the right side of this extremely challenging market cycle, in preparation for more favourable market conditions which, post period, have now started to emerge.”