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Coinsilium posts sharp cut to full year losses

The blockchain investment and advisory firm reported a pre-tax loss of £258,943, narrowed from £982,034 in the prior year

Coinsilium Group Limited - Coinsilium posts sharp cut to full year losses

Coinsilium Group Limited (LON:COIN) has reported a sharp reduction in its full year losses alongside gains on its financial assets.

For the year ended December 31, 2019, the blockchain investment and advisory firm reported a pre-tax loss of £258,943, narrowed from £982,034 in the prior year, while it also delivered a net fair value gain on its financial assets of £572,805 compared to a £188,781 loss in 2018.

WATCH: Coinsilium's Eddy Travia outlines strategic review and new focus on decentralised finance

Looking ahead, Coinsilium said that it is currently working on several decentralised finance (DeFi) models following a decision to pivot towards the technology during a strategic review earlier in 2020, and is aiming to launch “substantial commercial solutions either independently or through its partner network”.

“Given the current pace of growth in the sector the company believes that such solutions have the potential to generate meaningful revenue streams for Coinsilium”, the firm added.

The company also said it is in early stage discussions with certain interested parties regarding an potential “value accretive transaction”, adding that it believed the portfolio of its investment holding company, Seedcoin, “holds materially greater value than is currently recognised by the market”.

Coinsilium shares were trading at around 2.35p on the Aquis Exchange in early afternoon on Friday.

Quick facts: Coinsilium Group Limited

Price: 2.45 GBX

AQSE:COIN
Market: AQSE
Market Cap: -
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