Coinsilium Group Limited (LON:COIN) said it has been appointed as an advisor to Kesholabs Limited, a Kenya-based venture builder and development studio focused on blockchain innovation and decentralised open finance solutions.
The deal, the financial terms of which are confidential, will see Coinsilium’s chief executive Eddy Travia join Kesholabs’ board of advisors while the company itself will provide services including a review of and recommendations for Kesholabs’ business model, a business and marketing plan, connections to potential blockchain technology partners and investors, and strategic advice on fundraising options and expansion.
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To date, Kesholabs has been developing three applications which it is planning to launch in the East African market within the next three to 12 months.
These include Pesabase, a mobile payment and remittance application that combines stablecoin and mobile money to ensure cost-effective near-instantaneous payments; Bithela, a platform that plugs into global cryptocurrency liquidity pools and allows users to deposit money, trade digital tokens and easily withdraw funds; and Vitasphere, an esports platform that allows African video game players to connect online and compete for prizes in tournaments.
Coinsilium highlighted “several strong indicators which point to a promising market for cryptocurrency services in Africa”.
“Over the last two years, three of the top five Google searches for 'bitcoin' have emanated from countries in Africa. Recent peer-to-peer cryptocurrency trading volumes have been the highest ever in sub-Saharan Africa and new cryptocurrency exchange sign-ups have seen sharp increases”, the company said.
“We are delighted to now be able to officially announce this advisory agreement with Kesholabs. Having known and worked with its talented founder and [chief executive] Nhial Majok for some time, we share a common vision of the unique and promising opportunities the African market holds for the development of blockchain projects and the adoption of cryptocurrencies”, Travia said in a statement.
“We see this new advisory agreement, the first to be announced in 2020, as an encouraging sign of improving sentiment towards the blockchain technology sector, driven in the main by the strengthening global cryptocurrency markets”, he added.
