Coinsilium Group Limited (LON:COIN) has said its portfolio companies and partners are “well prepared to face the challenges and respond to the needs of a post-coronavirus world” as it updated on its progress amid the disruption of the pandemic.
“The disruption caused by the measures taken to fight the coronavirus also show a move towards increased reliance on electronic forms of communication and payments by businesses and individuals. We see this global move as the generator of new opportunities for blockchain companies around the world”, the company said in a statement.
Meanwhile, the blockchain investment and advisory specialist also updated on the progress of several of its endeavours, saying its Terrastream enterprise was currently working on its first client-mandated commercial project for the customisation of an open-source automatic digital asset exchange for a specific blockchain protocol.
Coinsilium added that Terrastream expected to “grow organically in the initial stages driven by clients demand and our expectation of attracting some initial high-profile, high-quality projects”.
“This maiden project gives us confidence that we will indeed be able to attract further high-quality projects as the race for adoption between foundational protocols drives demand”, the company added.
Terrastream is the product of a memorandum of understanding (MoU) between Coinsilium and Devmons Management Limited, however, Coinsilium said “unexpected dislocations” caused by the pandemic had delayed the completion of the formal joint venture agreement (JVA) between the parties, and as a result, both had agreed to revise the timescale parameters of the MoU and that all commercial work in the interim will be conducted on a revenue share basis.
A similar JVA with IOV Labs was also taking longer than originally expected due to coronavirus, however, Coinsilium said both parties were still “very much aligned in terms of their desire to complete the JVA and work towards its conclusion”.
“While travel restrictions, social distancing protocols and a general market downturn have resulted in challenging times for many people and businesses, we remain fully committed to this new venture and we are hopeful of seeing a sense of normality begin to return”, said Coinsilium chief executive Eddy Travia.
Shares in Coinsilium were trading at around 2.2p on the NEX Exchange early on Friday morning.
--Adds share price--