The funds will be used to drive expansion across Asia, with Singapore and China being in the first phase, and Japan and South Korea in the second half of 2018. A portion of the funds will also go into driving growth, community development and product innovation.
Consentium allows peer-to-peer (P2P), multi-digital-currency transfers between users. The fintech platform also offers a transactional fee redistribution programme 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 and on-app reputation of users.
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 monetise their passion for cryptocurrency through Consentium.”
Transfers of cryptocurrencies between users on Consentium will be charged a nominal fee of one per cent. The 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.
“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,” said Chris Low, CTO 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.”
Over 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.