Consentium, the first Asia’s chat application for a multi-digital currency and group monetization, has launched and raised approximately $10 million in funding. This funding results from a private ICO sale.
The funds will be used in driving expansion all over Asia, priority markets included, i.e., Singapore, China in Phase 1, and South Korea and Japan in 2018. It will also initiate company growth as well as community development and product innovation.
Consentium allows for peer-to-peer (P2P) as well as multi-digital-currency and consumer-to-consumer (C2C) transfers between its users. Additionally, it uniquely provides a transactional fee redistribution scheme as an incentive for creating and cultivating robustly in-app communities. Users of the mobile app use a reward system depending on the creation of quality community groups which comprises of both the number of users and on-app reputation of users.
To support community development and also encourage in-app transactions at the same time, Consentium is set to actively engage in marketing efforts to help increase its number of user and after that, focus on businesses to help improve the application utility.
To spearhead this, Lamia Pardo, SVP of Pangea Money, newly appointed Chief Marketing Officer of the Consentium and Jeremy Khoo, the Co-Founder of Dressabelle and Megafash, who will be overseeing business development and partnerships.
Transferring cryptocurrencies between the users on Consentium will cost a minimal fee of 1 percent. This 1 percent fee will be equally borne by both transferor and transferee. All the transactional fees are entered in a distribution pool through what’s known as a cold offline wallet. The transfer and storage happen in a securely encrypted environment. From the distribution pool, funds are analyzed through on a month to month basis, and also reallocated fully to the creators and users in a community depending on the preset criteria.
The Consortium’s significant drivers are the global chat app market and the rise of cryptocurrency, especially in Asia. Asia’s fast-growing mobile penetration supports this advancement as well as the amassing prevalence of the cryptocurrencies and fintech. The application’s token, Consentium Coins (CSM) are produced on the platform, depending on the Ethereum platform.