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Coinsilium surpasses £1mln in revenues for the first time

In its results for 2018, the blockchain investment and advisory firm reported revenues of £1.68mln, 187% higher than the prior year
Cryptocurrency
The firms revenues in the year came primarily from its advisory services division

Coinsilium Group Limited (LON:COIN) has surpassed £1mln in annual revenues for the first time in its history.

In its results for 2018, the blockchain investment and advisory firm reported revenues of £1.68mln, 187% higher than the prior year and primarily from its advisory services arm, which assists companies planning to issue their own tokens through token generation events (TGEs).

READ: Coinsilium establishes new entity in Gibraltar as part of relocation plan

The firm also swung to a loss from continuing operations of £982,034 from a £121,345 profit in 2017, which it attributed to a depreciation in the value of its cryptocurrency tokens as a result of a downturn in the market.

The group added that the tokens were not bought but rather granted from investments or received as payments for its advisory services, and may recover in value in the future.

Eddy Travia, the company’s executive director, also highlighted that the price of Bitcoin had already started to recover from last year’s lows, which he said was a “positive sign” for the market overall.

“It is most encouraging to see how rapidly confidence appears to be returning to the sector and, whilst the board is optimistic that this trend looks set to continue, it is also important to ensure we have secured a solid enough base from which to build on this momentum and ensure that the business is well positioned to capitalise on the growth opportunities we see that lie ahead”.

Travia added that now that the company had relocated its core operations to Gibraltar, its cost base was reducing, allowing it to allocate more resources toward investments.

In late-afternoon trading on Friday, Coinsilium shares were trading at around 3p on the NEX exchange.

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