- Consentium is a new chat application, which is the first to reward its users with
cryptocurrency for virtually any group or community they create. - Developed in Singapore, the application has raised USD$10 million in funding.
With fresh funding Consentium aims at geographic expansion including into
China, as well as product development - Hailed as the first mobile, consumer-to-consumer, cryptocurrency transfer system
in the world
Consentium, Asia’s first multi-digital currency and group monetisation chat application, has launched with US$10 million in funding from its private ICO sale, launched on 25 January. Funding will be used to drive expansion across Asia, including priority markets: Singapore, China in Phase 1, and Japan and South Korea in 2018. It will also drive company growth, community development and product innovation.
Consentium allows peer-to-peer (P2P) and multi-digital-currency and C2C (consumer-to-consumer) transfers between users. It also uniquely offers a transactional fee redistribution program as an incentive to create and cultivate strong in-app communities. Consentium uses a reward system based on creation of quality community groups – comprising both amount of users as well as on-app reputation of users.
In an effort to drive community development and encourage in-app transactions, Consentium will be actively engaging in marketing efforts to increase its user base and thereafter, target businesses to increase the application utility. Spearheading this will be Lamia Pardo, SVP of Pangea Money, Consentium’s newly appointed Chief Marketing Officer and Jeremy Khoo, Co-Founder of Dressabelle and Megafash, who will be overseeing business development and partnerships.
Hal Bame, Co-Founder of Consentium said, “The global chat app market is now worth over US$48 billion and we see very promising potential with Consentium in bridging consumer-to-consumer trading of cryptocurrency together with mobile community engagement. Our vision is to be the number one social network and best-in-class cryptocurrency application. We will do this by helping users and businesses monetize their passion for cryptocurrency through Consentium.”
Transfers of cryptocurrencies between users on Consentium will be charged a nominal fee of 1%. The 1% fee will be borne equally by both transferor and transferee. All transactional fees will be entered in the distribution pool via a cold offline wallet. Transfer and storage is done through a secure encrypted environment. From the distribution pool, funds are parse through on a monthly basis and reallocated fully to the community creators and users based on preset criteria.
Key drivers behind Consentium are the rise of cryptocurrency and the global chat app market, particularly in Asia. This growth is supported by Asia’s fast-growing mobile penetration, as well as the increasing prevalence of digital currencies and fintech. The application’s token, Consentium Coins (CSM) are generated on the platform, based on the Ethereum platform.
“We built Consentium with the intention to transcend the average mobile chat application, and develop a sustainable future-proof application that serves to host core businesses on-the-go and propagate real-world communities,” added Chris Low, Chief Technology Officer of Consentium. “Chat applications should not stop short at e-commerce and remittances, but should develop to dominate as the business and community platform of the future. This is the mandate of Consentium – to emerge as the Platform for Communities.”
During the next 12 months, Consentium plans to roll out support for additional features. Proceeds from the fundraising will be used to address operational costs as it completes development of the technology. It will also be used to continually improve the user experience by implementing new features alongside better security and encryption functions.
Interested users may visit its website at www.consentium.net and view its whitepaper to learn more about its groundbreaking features and capabilities.
ABOUT CONSENTIUM
Consentium is a new chat application, which is the first to reward its users with cryptocurrency for virtually any group or community they create. The cryptocurrency, Consentium Coins (CSM), generated on the platform are based on the Ethereum platform, which is the world’s largest leading smart contract blockchain.